TEMPO.CO, Jakarta - Coordinating Minister of Maritime and Investments, Luhut Binsar Pandjaitan, on Tuesday announced that Indonesia has set a goal which will hope to see the country produce the latest 811 lithium battery technology starting in 2024.
“We have inked the deal to develop lithium batteries with LG Chem and CATL,” said Luhut in a video conference in Jakarta. “The proposal has been made. Apart from the project’s scale and timeline [the agreement] also oversees the investment and incentives. We hope to produce the latest 811 lithium battery technology.”
The South Korean and Chinese firms mentioned by the minister are known suppliers for global car manufacturer’s electric-powered vehicles. This strategy coincides with the government’s attempt to boost the battery industry’s downstream.
Luhut also addressed Indonesia’s tendency to export raw material, which he finds unfortunate as he believes domestic processing of these raw materials will have a greater benefit for Indonesia’s industry.
This initiative has sparked the establishment of a copper smelter located in Central Halmahera as it is close to where the raw materials are mined in Timika.