Lippo to invest US$5b in retail and healthcare

[SINGAPORE] Indonesian conglomerate Lippo Group is looking to invest up to US$5 billion in healthcare, food retailing and telecoms mainly in the Philippines, Vietnam and Myanmar over the next three to five years, its top executive said.

"Partly, it's diversification, but partly also new growth markets," James Riady, chief executive of one of the biggest conglomerates in the country, told Reuters in an interview on Monday.

"In Asean, outside of Indonesia, we could be investing US$3-5 billion over the next three-five years. Healthcare is a big part of it and retailing, primarily food retailing," Mr Riady said on the sidelines of a regional conference in Singapore. He identified Vietnam, the Philippines and Myanmar as the main markets for Lippo's expansion strategy.