Minister Bahlil: LG Consortium Will Continue EV Battery Project

By Editorial Team 07/08/2023
EV battery industry
Summary

Investment Minister/Investment Coordinating Board (BKPM) head Bahlil Lahadalia confirmed that a consortium led by LG Energy Solution will develop an integrated electric vehicle (EV) battery project worth US$9.8 billion in Indonesia, following a meeting with LG Energy Solution's CEO Young Soo Kwon.

LG and the Indonesian government agreed to develop an industry that will intensify minerals downstream, improve the economy, and create more jobs.

To accelerate the investment, the Indonesian government will provide several assistance. "The Investment Ministry will keep overseeing the licensing process and ease LG's investment in Indonesia so that they can realize it quickly and provide immediate benefits, especially for the two countries, Indonesia and Korea. The project was a result of a meeting between the two heads of state since 2019," he said on Friday.

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