Krakatau Steel, South Korea's POSCO Agree on $3.5bn Investment
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28 July 2022 16:51 WIB
TEMPO.CO, Jakarta - President Joko “Jokowi” Widodo on Thursday witnessed the signing of a memorandum of understanding on investment cooperation between state-owned steelmaker Krakatau Steel and South Korea’s POSCO Holdings with a total planned investment reaching US$3.5 billion.
The signing was done in a meeting between Jokowi and a number of Korean CEO corporations, which include POSCO CEO Kim Hag-dong. At the time, the President offered promises to the investors, which include urging them to not hesitate to report on hurdles they might encounter in the field.
Jokowi claimed that he never heard of substantial complaints felt by investors in the field. However, he encouraged investors to report directly to him or state ministers in the field of investments such as Bahlil Lahadalia or Luhut Binsar Pandjaitan.
"And if the two of them are stuck, they can't solve it, you can contact me. Whether it's related to permits, whether it's related to immigration and others," Jokowi said in a meeting at the Lotte Hotel, Seoul, Thursday morning, July 28.
Other corporate leaders who attended the event were Lotte Chemical Vice Chairman or CEO Kim Gyo-hyun, LG Corp Vice Chairman or CEO Brian Kwon, CJ Group Chairman Sohn Kyung-Sik, LS Group Chairman Koo Ja-Eun, GS E&C Vice Chairman or CEO Lim Byeong -yong, and Samsung Electronics CEO Roh Tae-moon.
The CEO of LX Holdings Roh Jin-seo, Chairman Taekwang Park Joo-hwan, Chairman of KCC Glass Mong-ik Chung, and the Ambassador of the Republic of Korea to the Republic of Indonesia Park Tae-sung, also attended the MoU signing.
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