Minister of Industry M. S Hidayat said, although Wilmar was unavailable for comments, on Monday that the world's largest listed palm oil firm, Singapore-based Wilmar is set to invest $900 million for the production of palm oil products in Indonesia and will set-up factories for the purpose.

The second largest listed firm on the Singapore bourse has also decided to invest at least $1 billion in China, Africa and Indonesia but might take some years to start; however the company has also procured land for sugar plantations.

This move by Wilmar has boosted the confidence by foreign direct investors, increasing in Southeast Asia's largest economy.

Wilmar has planned to build six factories in the first quarter this year with a focus on producing CPO (crude palm oil) end products such as soap and margarine quoted the Indonesian Government minister. Earlier, in June 2010, the head of Indonesia's state investment board had stated that Wilmar was willing to invest $2 billion in Indonesia.

On Monday Indonesia's economy grew 6.9 percent year-on-year in the fourth quarter of 2010 according to a data released. This is believed to be the strongest ever figure in the past six years that has contradicted past expectations.