Indonesia in $9.8 bln electrical vehicle battery deal with Korea's LG
- Indonesia said Wednesday it had signed a $9.8 billion electrical vehicle battery handle South Korea's LG as it relocates to become an international production center for the green innovation.
The agreement was signed in mid-December, with investments intended in production as well as supply chains for lithium batteries, which depend on nickel.
Mineral-rich Indonesia is a major producer of the metal.
First growth will kick off in February, including prepare for a mine as well as smelter in the remote Maluku islands, stated Indonesia's Investment Coordinating Board head, Bahlil Lahadalia.
"(LG) have the marketplace as well as technology. But Indonesia has phenomenal books of raw materials," he claimed.
"If we integrate both, I believe this financial investment will (make us) one of the essential gamers in the world".
A few other international firms are investing in nickel-battery processing plants in Indonesia, consisting of China's Tsingshan Holding Group.
US-based electric vehicle manufacturer Tesla has actually supposedly shared interest in possible EV battery financial investments in Indonesia.