Indonesia Gets US$ 1,1 Billion Investment from South Korea

Photo: Indonesian Embassy in Seoul

Seoul, MINA – South Korea (South Korea) will officially invest in Indonesia worth US$ 1.1 billion or around Rp 16 trillion in the field of cooperation in the battery cell industry.

According to a press statement from the Indonesian Embassy in Seoul on Saturday, the investment was obtained through cooperation between the Indonesian and South Korean consortiums.

The cooperation was confirmed in the MoU signed on Wednesday between the two parties virtually.

The signing of the MoU was carried out by CEO of LG Energy Solution, Kim Jonghyun and CEO of Hyundai MOBIS, Sung-Hwan-cho representing the Korean Consortium. Meanwhile, the Indonesian side was represented by the Minister of Investment/Head of BKPM, Bahlil Lahadalia and the President Director of PT Industri Battery Indonesia, Toto Nugroho.

The Indonesian Ambassador to South Korea, Umar Hadi, on the occasion congratulated and felt happy for the signing of the MoU on the cooperation in battery cell industry investment between the South Korean and Indonesian Consortiums.

“This MoU is a sweet result from the long-standing negotiation process. It is hoped that this sustainable collaboration will support the transformation of Indonesia into a developed country in developing a worthy industry,” said Umar Hadi.

Based on the MoU, battery cell factory will be built in the Karawang Baru Industrial Estate, West Java.

The factory will occupy an area of ​​33 hectares and absorb approximately 1,000 workers and will have a battery cell production capacity of up to 10 GWh and is planned to start production in the first half of 2024. (T/RE1)

Mi’raj News Agency (MINA)