Jakarta. State-controlled constructor firm Waskita Karya has signed a master agreement for developing toll roads and other infrastructures across Indonesia with China Communications Construction Company, or CCCC, China's third-largest construction company, to create a launchpad for its post-pandemic growth, Waskita said on Sunday. 

Among the infrastructure projects in the pipelines, Waskita and CCCC explore possibilities to develop Kayu Agung – Palembang – Betung toll road project, the Ciawi – Sukabumi toll road, the Cikampek – Plumpang fuel distribution pipeline, the Benoa Bali Port Revetment, as well as several other infrastructure projects.

State-Owned Enterprises Minister Erick Thohir, who traveled to China last week, welcomed the agreement. 

"The construction sector must go on," Erick said in a statement. "It doesn't only strengthen domestic connectivity, but it stands as one of the economic activities that will help Indonesia grow during and after the pandemic."

Destiawan Soewardjono, Waskita's president director, said this collaboration is one of the company's strategies to grow after the Covid-19 pandemic.

"Synergies with large infrastructure developers such as CCCC will provide added value for the two companies and create benefits for the country and society," Destiawan said. 

CCCC is a Chinese state-owned enterprise engaged in investment, design, construction, and transportation infrastructure. CCCC had assets totaling $204 billion at the end of 2020, more than 27 times Waskita's assets of Rp 106 trillion ($7.4 billion) at the end of the year. 

Yun Liang, the CCCC International's executive president, and Destiawan signed the master agreement in a virtual event on Sunday. Erick and Coordinating Minister for Investment and Investment Luhut Binsar Pandjaitan, who happened to be in China, witnessed the signing event. 

Waskita's shares rose as high as 5.5 percent to trade at Rp 1,140 apiece in the first trading session at Indonesia Stock Exchange on Monday. The company's shares have dropped 42 percent from its one-year high of Rp 1,920 in January.