Indonesian investment minister "continues support" for LG Energy Solution's battery business = Korea

Indonesia's Minister of Investment Bahrir promised Kwon Yong-soo, Executive Vice Chairman of LG Energy Solution, that the country will continue to support the electric vehicle (EV) business.

On July 3rd (local time), Indonesia's local news outlet Antara reported that Investment Minister Bahrir met with Vice Chairman Kwon in Jakarta, the capital of Indonesia, and said, "We are ready to support the realization of the LG Consortium project," he emphasized. The meeting was also attended by the Indonesian ambassador to South Korea.

In a statement issued after the meeting, Minister of Investment Bahrir said, "The (Indonesian) government appreciates the LG Consortium's continued efforts to realize investment in Indonesia's EV battery ecosystem. We will continue to monitor whether the approval process for LG's investment is going well."

In response, Vice Chairman Kwon said, "We are continuing to discuss the establishment of a joint venture for business promotion."

The LG Consortium's business will begin with the construction of an EV battery cell factory in the Karawang Industrial Complex near Jakarta with an investment of USD 9.8 billion. The factory will start commercial production of 10 gigawatts (GWh) of battery cells annually next April.