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LG Invests Rp142T in Indonesia's EV Battery Industry

4 August 2023 23:55 WIB

TEMPO.CO, Jakarta - Investment Minister and the Head of the Indonesian Investment Coordinating Board, Bahlil Lahadalia said that the government of Indonesia appreciated LG's investment in the electric vehicle (EV) battery industry. The investment amounted to Rp142 trillion.

Bahlil also claimed to support the acceleration of the grand package EV battery ecosystem realization during his meeting with the CEO of LG Energy Solution Young Soo Kwon in Jakarta, on Thursday, August 3, 2023.

"The Investment Ministry is committed to safeguarding the permit process and facilitating LG's investment in Indonesia to accelerate its realization for the benefit of Indonesia and Korea," he said, as quoted by Tempo from Antara.

In addition, Bahlil also appreciated the parties' commitment and agreement to proceed with this cooperation, since previously, the project was halted due to the US' Inflation Reduction Act which affected the global EV batteries supply chain.

Meanwhile, Young Soo Kwon also appreciated the government of Indonesia and State-Owned Enterprises for their continued support of the project. "Without the support of the government, it is impossible to proceed with the project. Currently, LG has finalized the hardest stage in the negotiation between the consortiums, namely the decision for the stockholders in the joint venture of each supply chain," he said.

"LG consortium believed the negotiation will be easier after deciding the stockholders and targets the beginning of cathode factory construction in 2023," he concluded.

ANTARA

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