South Korea Invests US$14bn in Indonesia since 2019: Minister Bahlil

Translator

Najla Nur Fauziyah

Editor

Laila Afifa

Rabu, 3 Juli 2024 16:33 WIB

TEMPO.CO, Jakarta - Minister of Investment Bahlil Lahadalia said on Wednesday, July 3, 2024, that South Korea has realized US$14 billion or Rp200 trillion worth of investment in Indonesia from 2019 to 2023.

According to Bahlil, South Korea invested the most in the downstream sector, including PT Lotte Chemical Indonesia in Cilegon, Banten. The project was built over US$3.9 billion or Rp63 trillion of investment. "The project was stalled in 2016, but it was resumed and will be operating starting March (2025),” said Bahlil.

South Korea also invested US$202 million in the development of a glass factory in Batang, Central Java. PT KCC Glass Indonesia will start operating in August this year, the minister added.

Now, a new round of investment from South Korea is rolling in, as President Joko “Jokowi” Widodo just inaugurated the EV battery factory PT Hyundai LG Industry (HLI) Green Power in Karawang, West Java.

According to Bahlil, the investment value for the project reached US$9.8 billion or around Rp142 trillion, excluding Hyundai’s car investment. “The investment amounted to US$11 to 12 billion if accumulated, the largest in a single ecosystem in Indonesia, including the battery to the cars,” he concluded.

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