British Investors Ready to Invest US$ 9.29 Billion in Indonesia

Glasgow, MINA – Indonesian President Joko Widodo said several British investors were ready to commit to invest USD 9.29 billion to support the acceleration of the energy transition and green economy in Indonesia.

“I would like to express my appreciation for your investment commitment to Indonesia of USD 9.29 billion. Indonesia is ready to be a good partner for your investment,” said Widodo at the CEOs Forum meeting in Glasgow, Scotland on Monday.

In the meeting held ahead of the COP26 summit, President Widodo emphasized the discussion on investment in the green economy.

The President underlined that a few days ago, he had signed a Presidential Regulation concerning the carbon economic value instrument which will regulate the carbon trading mechanism in the future.

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“In addition to reducing greenhouse gas emissions, this step also increases development funding. Carbon markets must be managed fairly and transparently. Indonesia’s climate change control policies also include the transition to a green economy,” said the President as quoted from Setkab.go.id.

In addition, in the energy sector, Indonesia opens up investment opportunities to perform early retirement from coal plants and replace them with renewable energy.

The government has identified that there are 5.5 GW of coal-fired power plants that can be included in this project with a funding requirement of 25-30 billion United States Dollars (US) over the next 8 years.

“Indonesia will divert coal plants with renewable energy in 2040, provided that there is cooperation, technology, appropriate economic value, and international funding to help the energy transition,” said the President.

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The President also explained that Indonesia has the potential to develop electric vehicles and batteries, because of our mineral wealth such as nickel, copper and bauxite/aluminum. “Currently, there is already US$ 35 billion of investment that has been committed and is also underway in the battery and electric vehicle chain,” said the President.

Indonesia is also building a Green Industrial Park in North Kalimantan covering an area of 13,000 hectares which will use environmentally friendly energy sources such as hydropower and solar panel farms, so that the products produced will be environmentally friendly.

Listening to the President’s explanation, the CEOs agreed that Indonesia is an attractive place to invest and also supports Indonesia’s leadership in the G20.

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“Indonesia has become a very attractive destination for (foreign investment) foreign direct investment. We believe Indonesia will continue to attract investment from all over the world,” said one of the CEOs.

The CEOs who attended the occasion were engaged in various industries, including renewable energy, sustainable commodities and finance and infrastructure from leading companies including British Petroleum (BP), Jardine Matheson, Mars Wrigley UK, Standard Chartered, HSBC, and Shire Oak. (T/RE1)

Mi’raj News Agency (MINA)