Under the document, the two sides will establish a joint task force to facilitate, expedite, and materialise FMG investment in Indonesia in the construction of a 60-GW hydroelectric power plant and 25-GW geothermal power plant.

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Luhut Binsar Pandjaitan, Indonesia's Coordinating Minister for Maritime Affairs and Investment (left), and Andrew Forrest, founder of Fortescue Metals Group (FMG).

"This investment, excluding supporting infrastructure, will cost tens of billions of dollars. This is a huge investment that will have a positive impact on Indonesia," Minister Luhut Binsar Pandjaitan was quoted by Antara News as saying.

Boasting potential on mineral and renewable energy, Indonesia and Australia can collaborate and become key players in the green and renewable energy industry in the global arena.

Earlier this year, the Indonesian minister announced billionaire Forrest's plan to invest in a hydropower plant in Kalimantan.

Source: VNA