Jokowi to Sign Rp14tn Investment Deal with South Korea's Hyundai

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Laila Afifa

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  • TEMPO.CO, Jakarta - President Joko Widodo or Jokowi is scheduled to leave for South Korea to secure an investment deal with the country's automotive manufacturer Hyundai on November 25, said Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan.

    "They'll sign [the investment] agreement on November 25, so the President will depart on November 24," the minister said in parliament complex today, Nov. 13.

    According to Minister Luhut, Hyundai was committed to investing US$1 billion, or equal to Rp14 trillion, to Indonesia's electric car industry. He further said that the car plant to be sited around Karawang, Bekasi, and Purwakarta.

    "There is a 600 hectares of land, there," Luhut said.

    The minister said the EV industry, in the future, will absorb local commodity products for the electric vehicle devices, including the domestic-production rubbers for tires material. He admitted that he had asked Hyundai to carbon steel produced in Morowali industrial zone.

    Caesar Akbar