LG Electronics to Relocate from China to Indonesia

By Editorial Team 01/08/2022
Foreign investment
Summary

Investment Minister/Investment Coordinating Board (BKPM) head Bahlil Lahadalia accompanied President Joko Widodo in a meeting with LG Corporation vice chairman/CEO Brian Kwon on the sidelines of a working visit to Seoul, South Korea, last Thursday. Bahlil Lahadalia appreciated LG's commitment to helping develop Indonesia's electric vehicle ecosystem. He also revealed LG's interest in investing in the capital city (IKN) project. "Aside from building an integrated electric vehicle [EV] battery industry from upstream to downstream, LG Electronics will also relocate from China to Indonesia, including its R&D [Research & Development] department," Bahlil said. The Investment Ministry /BKPM will help with the licensing processes until the projects are complete.

Brian Kwon praised the Indonesian government's seriousness in developing renewable energy. He assured that LG Corporation has been trying hard to realize US$9.8 billion worth of investment in the Indonesian EV battery industry. "We expect the Indonesian government to pay special attention so that the grand package investment can go according to plan. Besides, we will relocate our LG Electronics R&D center in China to Indonesia," Brian said.

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