When Indonesian President Joko Widodo (Joko Widodo) visited Korea, Korean companies promised to invest 9 trillion won, the Indonesian investment minister said at the end of this year.
According to local media such as Antara News on the 25th, Indonesian Investment Minister Bahril Lahadalia said in a press statement, "During President Jokowi's visit to Seoul last July, a total of 6.72 billion dollars (about 9 trillion won) was received from Korean companies. “We have received the promise of a large-scale investment,” he said.
However, it did not specify which companies will start investing within this year.
He explained that Korea has decided to invest in several strategic sectors in Indonesia, such as the steel industry and electric vehicle batteries, and also wants to invest in the development of Indonesia's new capital, Nusantara.
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"One of them is LG," Bahril said.
Minister Bahril also announced that China and China have agreed to cooperate to build an industrial complex in North Kalimantan and expand palm oil production, and with Japan have completed the selection of a site for a fertilizer plant and methanol plant to be built in West Papua.
LG Energy Solution, together with Hyundai Motor Group, established a joint venture in the Karawang Industrial Complex near Jakarta, Indonesia, and is constructing a battery cell plant by investing about $1.1 billion (about 1.7 trillion won).
In addition, LG Chem, LX International, POSCO, and a Chinese company Huayou have formed a consortium and are negotiating a 'package deal' with the Indonesian government that leads to nickel mine mining - smelting - precursor production - cathode material production - battery cell production.
POSCO also decided to jointly invest $3.5 billion (about 4.7 trillion won) over the next five years with Indonesia's state-owned steel company Krakatau Steel to promote the establishment of Krakatau POSCO's second blast furnace and cold rolling plant.
(Photo = Courtesy of the Indonesian Presidential Palace, Yonhap News)