Saturday, 22 February 2020

Expect Rp16.2tn Investment in Automotive, Minister Says



Petir Garda Bhwana

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  • TEMPO.CO, Jakarta - Industry Minister Airlangga Hartarto said foreign companies will be investing in the automotive sector. The companies' investment is estimated at almost US$900 million, or around Rp16.2 trillion.

    "We will have investments, which has been verbally made available in the pipeline. Larde companies will enter for investment valued at almost US$900 million in the automotive sector," Airlangga said in Jakarta, Tuesday, February 12.

    Airlangga said the investment comes from two large corporations, one from Europe and another from Asia. He did not say the companies' names, but said they are committed to invest with a 50-50 domestic-export ratio.

    The two companies, he added, have also been committed to build industries in the electric vehicle sector; with a target to start production in 2022.