THE
COORDINATING MINISTRY FOR ECONOMIC AFFAIRS
Tel: (021) 380-8384
Fax: (021) 344-0394 Website: http://www.ekon.go.id
Trade and Investment
News,
Highlights
Politics
·
Parliament
urges the government to oppose
·
Indonesia-Malaysia
Want to Settle the Ambalat Bloc Amicably
Economy
·
The
central bank says the rupiah’s weakness is only tracking movement of other
currencies
·
The
tight monetary policy is to continue to further rein in inflation
·
Government
and parliament agreed on a strong set of forecasts for the year
Business briefs
Macroeconomy
·
New
government bond issues this week
·
Bank
Investment
·
·
Chinese
investors have committed to investing up to $8.6 billion in the palm oil sector
Private sector
·
A
new CEO at major telecommunications operator PT Indosat
·
PT
Indofood Sukses Makmur buys two crude palm oil (CPO) firms
·
Automotive
spare part producer PT Astra Otoparts signs a loan agreement with the
International Finance Corp.
State concerns
·
President
Yudhoyono launches a campaign for agricultural revitalization
·
Operators
of 3G telecommunications licenses will have to pay an up-front fee
·
The
Forestry Ministry raised the logging quota, winning applause from the timber
industry
Banks
·
Bank
Power
·
·
Natural
gas producers and companies signed agreements worth a total of $850 million for
gas for power use
Oil & gas
·
·
The
government hopes to soon get the Cepu block up and running
Mining
·
BHP
Billiton may spend $300 million developing a new mine in
POLITICS
House Frowns on
The House of Representatives is urging the Government to
oppose
A total of 35 out of the 48-member House commission I on foreign affairs signed
a petition calling on the Government to step up the pressure on
The petition was handed to Foreign Minister Hassan Wirayuda during a hearing on
Wednesday (
By tradition, the chairmanship of the 10-member ASEAN is rotated in
alphabetical order, with
"We also urge ASEAN members to tell
Commenting on the demand, Hassan said that a meeting last April of ASEAN
foreign ministers in
"All of the nine foreign ministers tried to convince
If that was the case, Hassan said
"ASEAN's stance is clear, actually. We welcome
Prisoner Exchange Possible
President Susilo Bambang Yudhoyono ordered his ministers on
Thursday (
"The President assigned the foreign minister and other concerned ministers
to look into the possibility of
Under such a deal, Schapelle Corby, an Australian beauty therapist sentenced
last month to 20 years in prison in
Such an agreement would require
Hassan said as was quoted by Agence France-Presse.
Any prisoner exchange deal would also pave the way for the transfer of 30
Indonesians and the repatriation of 14 other Australians.
Foreign Affairs Minister Hassan Wirayuda said Wednesday (
Speaking to members of parliamentary commission I for defense, foreign and
political affairs, Hassan said that technical teams from both sides held their
last meeting on May 25-26.
Malaysia's recent claim on the Ambalat block in the Sulawesi Sea off the island
of Borneo, sparked widespread demonstrations against the claim throughout
Indonesia earlier this year.
One of the key items on the agenda is to thoroughly discuss
the United Nations Convention on the Law of the Sea (UNCLOS) 1982, Hassan said.
"Compromises reached during the last meeting are expected to help boost
discussions toward a more concrete direction in the next negotiations," he
added.
ECONOMY
Rupiah
Decline ‘Temporary’
As business
trembled as interest rates continued to move up, the central bank moved to
reassure the market, saying the rupiah’s decline against the US dollar was only
temporary, while the government went more upbeat, predicting stronger growth
this year.
"If
we consider our macroeconomic fundamentals, then the rupiah will be able to
strengthen over the medium to long term," Bank Indonesia (BI) deputy
governor Aslim Tadjuddin said Friday (
Parliament
and government sat together to produce a more rosy view of the near future.
They upped the growth figure to 6%, up from 5.4%. The revised budget will also
assume an average Indonesian crude oil price of $45 a barrel, up from $24.
Crude oil and condensate output estimate is still pegged at 1.125 million
barrels/day.
The cost
for the fuel subsidy, despite the 29% average rise in the price of fuel on
March 1, is expected to reach Rp76.5 trillion ($7.98 billion) this year,
according to the revised state budget, up from Rp19 trillion forecasted
earlier.
BI
Governor Abdullah promised that intervention on the foreign exchange market
would be short-lived. "Intervention is only for a short term. We cannot
stay like this. We need to keep the economy in balance to solve this problem."
Bank
Abdullah
added that becoming a net oil exporter once again would be an important goal in
trying to maintain balance in the economy.
The
central bank said the tight control of monetary instruments would remain in
place while inflation continued high.
“The Bank
Indonesia board of governors meeting decided that in order to maintain macro
economic stability, especially for controlling inflation in the medium term,
Bank
Bank
BUSINESS BRIEFS
MACROECONOMY
PPA
Transfers Cash
State-asset
management firm PT Perusahaan Pengelola Aset (PPA) turned over Rp1.3 trillion
to the government during the first half, representing proceeds of the sale of
minority interests in PT Bank Internasional Indonesia and PT Bank Niaga, PPA
president Mohammad Syahrial said, AFX reported.
PPA is
tasked to raise a total of at least Rp4.0 trillion this year by selling state
assets left over by the now defunct Indonesian Bank Restructuring Agency
(IBRA).
Syahrial
told reporters at the Ministry of Finance that to meet the target PPA will have
to sell property assets in the second half.
The
agency still holds minority stake in several banks but Syahrial said that
current market conditions are not conducive for selling the assets.
He said
60% of around 4,000 property units currently managed by PPA are in
'ready-to-sell' condition.
Bank
Capital Requirement to Rise
Bank
Head of
the Financial Stability Bureau at Bank
Deputy
Governor of Bank Indonesia Maulana Ibrahim said sanctions will be imposed for
failure to meet the regulation on capital.
Ibrahim
said tight competition among small banks necessitated additional capital in
line with the Indonesian Banking Architecture (API).
Implementation
of API in the next five to 10 years will require international banks to have
capital at least Rp50 trillion, and local banks at least Rp10 trillion.
New
Bond Offering
The
government plans to offer up to Rp2.5 trillion ($263 million) worth of
securities to public investors next week, the Ministry of Finance's Director
General of State Treasury Mulia Nasution said Tuesday (
The June
14 bond sale would be a two-tranche auction, in which the government will put
up 11-year and 15-year treasury bonds for bidding. "The total indicative
target for the bonds is Rp2.5 trillion," he said.
Last
month, the government sold Rp4.65 trillion of two-year bonds, priced to yield
9.71%, and 11-year bonds priced to yield 11.29%.
Last
year,
SBI
Interest
rates on
The rate
on one-month certificates rose four basis points to 8.02%, extending a trend
that has seen the rate rise around 60 basis points so far this year as the
central bank has tried to contain inflation, Reuters reported.
The
central bank absorbed Rp12.5 trillion ($1.30 billion) from the auction, against
a target of Rp7.5 trillion and Rp4.3 trillion of maturing paper in the week.
Analysts
were divided on the future direction of Indonesian rates, with some noting that
the inflation rate was falling.
Forex
Reserves
Bank
Base
money rose Rp3.87 trillion over the week to Rp189.23 trillion, driven by a rise
in money in circulation.
INVESTMENT
More
Malaysian CPO Activity
Asiatic
said it is moving into
The land
may be used for 35 years with the right of extension for another 25 years.
Asiatic
will have 70% equity in the joint ventures with an initial investment outlay of
RM1.46 million ($384,000).
The
venture will enable Asiatic to raise its land bank by 150%, to 164,316 ha from
66,016 ha previously, at a very low entry cost, analysts said.
The
government believes the plantation sector will grow by an average of 6.27% per
annum over next five years, spurred on largely by the rapid expansion of output
in key commodities, according to the Ministry of Agriculture.
The
sector is expected to grow from an estimated 6.01% this year to 6.49% in 2009,
the ministry said in its five-year plan document.
Chinese
Interest in CPO
Chinese
investors have committed to investing up to $8.6 billion in
Bakrie
said he had asked the Indonesian Chamber of Commerce and Industry (KADIN) to
follow up on the commitment, but did not name the potential investors.
KADIN
chairman Mohamad S. Hidayat said the promise of investment came at a time when
KADIN
would organize between 40 and 50 industry players to be involved in the
projects, to be located outside Java with
Proton
to Start Operations
"We'll
be starting operations this month," he said at the launch of Proton's new
compact car. Mahathir is adviser to Proton,
The
assembly plant will produce the compact Gen.2 and Wira models. Production will
be 8,000 units a year initially, Mahathir said. Capacity of the plant is 50,000
units a year, he added.
Proton
Chairman Mohd. Azlan Hashim said cars assembled at the Indonesian plant will
qualify for tax breaks under the ASEAN Free Trade Area agreement.
The
Indonesian plant is a joint venture between Proton and Malaysian auto
parts-maker Tracoma Holdings Bhd.
PRIVATE
SECTOR
New
Chief at Indosat
PT
Indosat got a new chief executive officer on Wednesday (
Shareholders
appointed Hasnul Suhaimi, formerly the firm's director of consumer marketing,
as president director to replace Widya Purnama, who was appointed by the
government to lead state oil and gas company PT Pertamina in August last year.
Caretaker
Ng Eng Ho was named deputy president director, while Johny Swandi Sjam was
appointed to replace Hasnul as director of consumer marketing.
Hasnul
said after the meeting that Indosat's net profit fell to Rp1.63 trillion
($171.58 million) last year from Rp6.08 trillion in 2003. The higher 2003 figure represented additional
revenue from restructuring transactions involving entities under
cross-ownership transactions with PT Telkom.
Shareholders
agreed that 50% of the net profit should be distributed to shareholders as a
dividend of Rp154.23 per share.
Hasnul
said Indosat hoped to increase the number of its cellular subscribers
significantly with the introduction of new incentives, such as lower rates for
new subscribers registered by family members or friends.
"During
the April to May period alone, we were able to net 1.6 million new subscribers,
as compared to 430,000 during the January to March period."
Indosat,
with 12 million subscribers as of May, currently controls 33% of the cellular
market.
Meanwhile
Standard & Poor's Ratings Services said it has assigned a 'BB-' on PT
Indosat's proposed seven-year $200-250 million senior unsecured notes due in
2012.
The notes
will be issued by Indosat's wholly-owned unit Indosat International Finance Co
B.V. and proceeds will be used mainly for funding capital expenditure, S&P
said in a statement.
'Indosat's
leverage position is likely to remain moderate, and the additional debt is
within Standard & Poor's expectations,' the agency's credit analyst Yasmin
Wirjawan said.
Indofood
Takes CPO firms
Instant
noodle producer PT Indofood Sukses Makmur said it has completed a Rp175 billion
acquisition of two West Kalimantan-based crude palm oil (CPO) firms to expand
its CPO plantation area by 46% to 86,639 hectares, AFX reported.
Indofood
unit PT Salim Ivomas Pratama settled the acquisition by paying Rp17.5 billion
rupiah to Hong Kong-based company Reserve Cash Ltd on June 1, Indofood said in
a statement to the Jakarta Stock Exchange.
Salim
Ivomas now indirectly owns stakes in CPO plantation firms PT Kebun Ganda Prima
(KGP) and PT Citranusa Intisawit, it said.
It
controls the two firms via Mauritius-based Silveron Investments Ltd, in which
Salim Ivomas acquired a 100% stake from Reserve Cash, Indofood said.
Astra
Otoparts Wins IFC Loan
Automotive
and motorcycle spare part producer PT Astra Otoparts said it has signed an
agreement for a $24 million loan from the World Bank's lending arm, the
International Finance Corp (IFC).
The
agreement was signed on Monday (
New
Ships for Fishing Co.
Fishing
processing company PT Dharma Samudera Fishing Industries said it will buy new
vessels to transport fish from eastern
Director
Andi Sutjiamidjaja said the company will spend Rp10 billion ($1 million) on the
vessels, and will also build new cold storage facilities.
The
company currently operates fish processing factories in Kendari,
Pan
Asian Water Enters Market
PT Pan
Asian Water Solutions will import and export water-treatment products.
CEO
Francis Koh said rapid urbanization and industrialization provided enormous
scope for the company’s operations. Pan Asia is also operating in
STATE
CONCERNS
Pitch
for Agriculture Funds
President
Susilo Bambang Yudhoyono launched on Saturday the national agriculture
revitalization program, an occasion preceded by much discussion of the need for
massive investment in the sector.
The
launch of the program, which also includes the fishery and forestry sectors, at
Jatiluhur reservoir on Saturday (
The
government is pitching for major investment in the agriculture sector, saying
it needs up to Rp77.7 trillion ($8.11 billion) over the next five years.
The
Ministry of Agriculture says the aim is to boost growth in the sector from the
current level of 2.97% to around 3.58%.
Minister
of Agriculture Anton Apriyantono said the government wanted to maintain and
develop rural infrastructure as well as provide financing schemes for farmers.
Late last
month, the government offered 10 agricultural projects worth $1.57 billion to a
Middle East-based group of investors, spearheaded by the Islamic Development
Bank (IDB).
The
government said Wednesday (
Coordinating
Minister for the Economy Aburizal Bakrie said the new fields would make up for
the loss of existing paddy areas.
He said
the ambitious target was part of the government's general agricultural policy
and spatial plan launched in April.
The
government would also announce a general policy on village infrastructure
development in October and another on trade, agriculture, fisheries and
forestry in November, he said.
The
policies would help attract new investment into the sector from farmers, the
private and banking sectors and regional administrations to help support
agriculture development, he said.
Up-front
Fee for 3G
The
provision of 3G telecommunications licenses took a new step last week with
Communication and Information Minister Sofyan Djalil saying operators will have
to pay an up-front fee.
“We are
now finalizing the regulation as the basis to impose an up-front fee,” Bisnis Indonesia quoted him as saying.
Djalil
said the fee amount will be a key factor in selecting the winner in an open
tender for 3G licenses. “All operators must pay an up-front fee including
existing operators. So, if they fail, their license should be returned,” Djalil
said.
There are
currently two operators with 3G licenses - Cyber Access Communication (CAC) and
PT Natrindo Telepon Seluler (NTS).
The
government plans to allow all existing GSM operators including PT
Telekomunikasi
Logging
Quota Raised
The
Forestry Ministry has raised the logging quota from 5.4 million cubic meters to
7.9 million cubic meters for this year, winning immediate applause from the
industry, Antara reported.
Agung
Nugraha, secretary general of the Association of Forestry Companies (APHI),
said the policy will help the industry, which has capacity to use more than 40
million cubic meters a year. The policy aims to preserve tropical forests.
Forestry
Minister M.S. Kaban said the logging quota is too small, contributing to
rampant illegal logging.
Staples
in EPA List
Trade
Minister Mari Pangestu said the two countries share the same opinion and
interest to protect these three commodities in their respective domestic
markets.
She noted
that import duties are not the only barrier to Japanese market, but that
standard and quality (non tariff barriers) are more powerful.
Licensing
for Fish Processors
The
government will introduce a license system for the fish processing industry in
the regions to prevent a raw material supply problem, an official said, Antara
reported.
Sumpeno
Putro, Director General for Marketing and Capacity Expansion at the Fisheries
and Maritime Ministry, said licenses will be issued if the supply of raw
material is guaranteed in each region, suggesting the possible imposition of
quotas.
Sumpeno
said too many factories could cause a shortage in raw material supply resulting
in closures, Putro said. He said coordination would be needed with the
Department of Industry, which had the power to issue licenses.
Cigarettes
to Rise 15%
After
setting a rise in the minimum price of cigarettes at 15%, Finance Minister
Jusuf Anwar predicts sales will be around 214 billion sticks this year,
compared to an estimated 219 billion without the price increase.
The 15%
increase was at the low end of the 15-20% range indicated earlier by the
government. The tobacco industry had demanded that the government should not
increase the retail price, known as HJE, by more than 10%.
Anwar
said the increase will raise revenue from excise tax to Rp32 trillion this year
and to more than Rp35 trillion next year, compared to the Rp28.9 trillion
initially forecast for this year.
Analysts
said the government's decision to raise the minimum retail price of cigarettes
from July 1 may cut the net profit of cigarette makers by 5.5-7.0% this year.
Minimum
Air Fares Move
The
government is to issue reference prices to set minimum fares for airline
tickets to prevent unfair price competition, Kompas reported quoting Minister for Transportation Hatta Rajasa.
He said
the government will review the price reference list every six months, based on
changes in airlines' cost components.
The
current price reference list is based on June's jet fuel price of Rp4,300 per
liter, a passenger load factor of 75% and assumes the aircraft operates
efficiently, he said.
He said
airlines that cut prices to below the reference list at the expense of
maintenance costs will be sanctioned.
Cacao
Duty Lobby
The
Association of Cacao Industry (AIKI) said government has pledged to seek
support from other ASEAN countries on Chinese duties on cacao in negotiations
scheduled next week with
AIKI said
A
statement said there should be no unequal treatment by third party countries
within ASEAN.
World Bank Backs Cities
The executive board of the World Bank approved Tuesday (
The project aims to improve urban services in key urban
areas throughout the country and is the first step toward achieving the
Government of Indonesia's long-term goal to develop self-reliant, competitive
cities, the statement said.
The project will be financed through a soft-loan amounting to $45 million, with
an additional matching fund of $13 million from the government, and a $5
million Japanese grant.
“Participating cities have committed themselves to
significant reforms, including enhanced civic participation in
decision-making and monitoring; adoption of extensive public information
disclosure policies; and reform of procurement and financial management
practices,” the statement said.
The project will also finance priority urban investments. At
the central level, the project will support the implementation of the Urban
Institutional Development Program (UIDP) for supporting urban reforms and
institutional capacity building.
The project will support programs in the urban local government areas of Musi
Banyuasin, Manokwari, Parigi Muotong, Sidendreng Rappang, Sleman, Blitar,
Cimahi, Depok, Palu, Parepare, Palopo,
POWER
The firm
has been exploring coal deposits in Sungai Malam area in the district since
2001, company spokesman Eiichiro Makino said Saturday. The exploration activity
was expected to be completed in 2009.
Sojitz
would cooperate with
When
construction is completed,
PLN
Looks at 12% Hike
After earlier
suggesting it should raise its rates by 15%, power utility Perusahaan Listrik
Negara (PLN) says it will be proposing an average 12% rise to parliament, The
Jakarta Post reported.
During a
hearing with lawmakers on Monday (
The last
time PLN raised power rates was in 2003, when the policy to increase rates by
an average of 6% a quarter stalled in the face of public opposition.
A new
rise is needed to offset higher operating costs caused by high oil prices, PLN
says. Oil currently accounts for about 60% of the fuel used by PLN's power
plants.
The
company last year suffered Rp2.02 trillion in losses but says the higher rate
will boost the company into profit.
PLN has
formulated plans to phase out its diesel-powered generators, but the firm's
officials have repeatedly said it will take time to replace the existing diesel
generators with gas or coal-fired power plants.
The
company has said that it will be able to increase the use of natural gas to
fuel its power-generating plants to about 40%, from about 27% at present, by
2007.
Gas
Suppliers Sign Up
Several
natural gas producers and companies signed sales agreements Friday (
Among the
agreements signed was a contract extension by PT Medco Energi International to
supply state-run power company PT Perusahaan Listrik Negara (PLN), with 9.65
trillion BTU of gas from its Mamburungan Block in
Medco
also signed a new pact to supply PLN's power plant in
Meantime,
Australian oil and gas company Santos Ltd. (STO.AU) and state-owned gas
distribution monopoly PT Perusahaan Gas Negara (PGN) signed additional
documents related to a pact inked May 31 in
Since its
establishment in 2002, BPMigas has facilitated the signing of $59.25 billion of
gas sales contracts.
OIL &
GAS
RI
Still Net Exporter: Purnomo
He named
ExxonMobil Corp., Santos Ltd. and ConocoPhillips as companies developing
fields.
"If
those fields are able to meet their targets, we are confident
Production
of oil and condensates may rise to about 1.4 million barrels a day by 2010 from
about 1.1 million barrels a day now.
Current
reserves of 9 billion barrels are enough to maintain production for 18 years,
Purnomo said. The nation's total oil resources that remain to be explored and
proven up are estimated at 86.9 billion barrels, he said.
‘Early
Deal’ on Cepu
The government
hopes to soon resolve a serious contract row over the Cepu oil block in
Coordinating
Minister for Economic Affairs Aburizal Bakrie said Friday there was
"progress in the negotiations" with the government offering a 15%
stake to be shared between the joint contractors, ExxonMobil and Pertamina, in
the contractor allocation split.
ExxonMobil
and Pertamina are still negotiating their split of the 15% allocation.
"We
expect to wrap up the negotiation soon. The government remains firm on its
stance to offer ExxonMobil a lesser share than the usual, that is, less than
15%," Bakrie said.
Negotiating
team head Martiono confirmed that one of the main stumbling blocks was the
percentage share for ExxonMobil from the 15% allocation for the contractors.
Pertamina
and House of Representatives Commission VII for energy and mining agreed on
Wednesday to oppose any outcome resulting from the negotiation, pointing to the
questionable establishment of the negotiating team.
A day
later, Vice President Jusuf Kalla told legislators not to interfere in the
government's domain, insisting that talks over the dispute would go on for the
sake of the people's welfare.
Tangguh
Moves Forward
BP Plc
and its partners in the $6 billion liquefied natural gas project at Tangguh in
Papua plan to begin production earlier than estimated, said Ngurah Kresnawan,
deputy vice president of the venture.
The
Tangguh venture is working to "ensure LNG can be delivered on schedule,
and hopefully ahead of schedule," Kresnawan said Wednesday (
Tangguh
has contracts to supply LNG to
Kresnawan
said the partners were actively seeking contracts to justify the construction
of a third train at the LNG facility.
Bidding
Opens on Blocks
The
government opened bidding for the development of 27 new oil and gas blocks
Friday (
"It
will be the first round of tenders for a total of 70 oil and gas blocks that
the government will offer in 2005 and 2006," Iin Arifin Takhyan, Director
General of Oil and Gas at the Mines and Energy Ministry, said Thursday.
The oil
and gas blocks offered are Cakalang block in
The
Indonesian government intends to take a 60%-to-80% share in the blocks offered.
Takhyan didn't say when the government will announce the winning bidders.
The
government has set a minimum signing bonus of $500,000 each for the 27 oil and
gas blocks being offered to investors, meaning a total of at least $13.5
million in proceeds if all the blocks create sufficient interest.
Ministry
of Energy and Mineral Resources' director of exploration and production Novian
M. Thaib said that before, there was no requirement of a minimum signing bonus.
By
regulation, winning bidders have to hand over the signature bonus, which is not
part of the costs to be recovered from the oil output, within 30 days after a
contract is signed.
Analysts
say that the lack of a minimum payment in the past has made it easier for
companies to decide to a back out of the deal after winning the tender.
Total
Case Thrown Out
The
Supreme Court has finally dismissed a bankruptcy suit against Total SA unit PT
Total E&P Indonesie, Bisnis Indonesia
reported citing sources.
The
newspaper said the Supreme Court's verdict was issued recently upholding a
Total
E&P lawyer Todung Mulya Lubis could not confirm the verdict, saying he has
heard about it but has not been officially notified, Bisnis reported.
In March,
the
The two
contractors filed the bankruptcy petition following Total E&P's alleged
failure to pay them $7.17 million for work they had carried out at its Tunu gas
field in
The claim
was based on an audit of the Tunu project by the state Financial and
Development Supervising Agency (BPKP).
MINING
BHP
Billiton Looks at Major Mine
BHP
Billiton, the world's biggest exporter of coking coal used by steelmakers, may
spend $300 million developing a new mine in
BHP
Billiton plans to start mining at the Maruwai site in
The
Melbourne-based company also told analysts global coking coal demand will rise
as much as 58% through 2010.
The
company said
Of the
$300 million to be spent on Maruwai, about half will be spent on mine
development, and the remainder on infrastructure.
The site
is 500 km from the coast and "infrastructure is non-existent," Binns
said.
KPC
Begins Bengalon Shipments
PT Bumi
Resources said its coal mining unit PT Kaltim Prima Coal (KPC) has began coal
shipments from its newly developed Bengalon mine in
It said
it expects the mine to raise the group's coal output by 3 million tons by the
end of 2005.
The
Bengalon mine has an estimated deposit of 150 million tons of coal, Bumi
Resources said in a statement.
Bengalon's
mining operation began with the completion of the mine's infrastructure under a
$1.2 billion project by contractor PT Darma Henwa.
“KPC
expects that Darma Henwa will be capable of producing up to around 3 mln tons
of coal by the end of 2005,” Bumi Resources said.
The
Bengalon mine produces coal similar to KPC's
Bumi
Resoruces sold a total of 3.6 million tons of coal in last month, up 12.5% from
April.
Combined
with its other coal mining unit PT Arutmin, Bumi Resources is the country's
largest coal producer accounting for about 29% of
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