And when an American energy or efficiency company grows its business in Indonesia, it makes a huge economic impact in both of our countries. A single commercial wind turbine typically contains more than 8, parts, tons of steel and 13 tons of fiberglass.
Someone has to design those turbines. Someone has to make and assemble the nuts and bolts, the gear boxes and electric components.
In fact, some of the companies with me on this trip produce over 90 percent of the component parts in the U. And when these American companies find success in Indonesia, it creates economic value throughout the supply chain in Indonesia and in manufacturing towns across America.
In today's global economy — where new innovations can come from anywhere — we need to do everything we can to keep markets open and allow for the free flow of capital and ideas across our borders. Unfortunately, this is an area where American companies operating in Indonesia do continue to have substantial concerns. As I talk to American business leaders, the overriding concern that I hear is that there is often not enough government transparency.
This is particularly true at the local level, where permitting authorities create bureaucratic bottlenecks that lead to years-long delays, or produce vaguely written government tenders that make it almost impossible for companies to know how they are being evaluated.
Especially in the energy sector, where upfront capital investments can be in the hundreds of millions of dollars, this uncertainty has the potential to inhibit foreign corporate investment here. In addition, the Indonesian government also has policies that make operating difficult for clean energy companies.
Heavy subsidies for fossil fuels continue to make dirty transportation and generation cheaper than clean alternatives. I have been told Indonesia is working to amend this law, and I do hope the government will continue to roll back this and other anti-competitive regulations.
But in practice, laws like this limit foreign direct investment and imports from abroad that can deliver new products and services to the Indonesian people and enhance innovation within Indonesian partner companies.
Ultimately, all the United States seeks is a level playing field for its companies, where the cost and quality of their products determines whether or not they win business. But I believe we can continue to address matters of disagreement with a spirit of trust and cooperation. This core belief that we are strongest when we act together with a common purpose lies at the heart of both of our societies. Skip to Navigation. Skip to Content. Good afternoon!
Thank you, President Marrs, for that kind introduction and thank you to British American Business for inviting me to speak today. Just look at the data. Hello everyone! Thank you, Joe, for that kind introduction and thank you, Elizabeth, for organizing this important event.
I also want to express my gratitude to Global Cleveland and the Cleveland Public Library for co-hosting today. As many of you know, I lived in Cleveland for three years before I moved to Thank you, Dr. Johnson, for that kind introduction and for organizing this event.
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