Indonesia Urges China and South Korea to Accelerate Investment

Bilateral meetings involving Indonesia, South Korea, and China have led to the establishment of cooperation agreements aimed at advancing the manufacturing industrial sector.

Akbar Evandio

9 Sep 2023 - 19.03
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Indonesia Urges China and South Korea to Accelerate Investment

South Korean President Promises Cooperation in EV and Battery Industry in Indonesia. President Joko Widodo (Jokowi) received a state visit from South Korean President Yoon Suk-Yeol at the Merdeka Palace in Central Jakarta on Friday, September 8, 2023. Bisnis-Akbar Evandio.

Bisnis, JAKARTA — President Joko Widodo has emphasized the need to expedite the realization of investment commitments from China and South Korea to accelerate the development of various industrial sectors in Indonesia. This message was conveyed during an official state visit to Indonesia by Chinese Premiere Li Qiang and South Korean President Yoon Suk-Yeol at the Merdeka Palace on Friday, September 8, 2023.

During President Jokowi's visit to Chengdu in July, Indonesia and China reached an investment commitment of $21.7 billion, along with an investment expansion of $44.89 billion. Additionally, both nations plan to establish the Two Countries Twin Park corridor to boost economic cooperation. 

The Two Countries Twin Parks initiative is a national priority project that combines the Global Maritime Fulcrum and the Belt and Road Initiative (BRI) to promote trade and investment between Indonesia and China.

In the case of South Korea, LG, a multinational company, has committed to developing an electric vehicle (EV) industrial ecosystem worth $9.8 billion. LG, in collaboration with Indonesian partners, intends to build a cathode factory in Batam, Indonesia.

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