LG has signed a massive agreement to reportedly invest close to $10 billion in Indonesia to make batteries in the country.
Indonesia is one of the world’s biggest nickel producers, but it has also recently put a ban on exporting nickel ore in order to encourage the industry to process it locally.
The new protectionist move has resulted in high interest to invest in battery production in the country with companies like Tesla currently evaluating a potential investment.
Now the country has reportedly landed its first big fish, or even whale, with this move.
The Indonesian government announced today that LG Energy Solution, the new battery production unit of LG Group that spun out of LG Chem this month, has signed a memorandum of understanding (MOU) on a $9.8 billion deal to make electric car batteries in the country.
Bahlil Lahadalia, the head of Indonesia’s Investment Coordinating Board, said today (via Reuters):
“We have signed an MOU for the construction of an integrated electric battery factory from upstream to downstream. Mines, smelters, precursors, cathodes, cars to recycling facilities will be built in Indonesia,”
LG confirmed that they signed a MOU in Indonesia without confirming the value.
Recently, Tesla CEO Elon Musk pleaded with mining companies to increase their nickel production as the resource is becoming increasingly critical in ramping up battery production for electric vehicles.
Source : Elektrek
I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to
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understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia.
I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine.
I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan"
I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy
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