Jakarta: In the end of November, President Joko Widodo will visit South Korea to sign an investment agreement with Hyundai to build a factory in Indonesia.
Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan will accompany the president during the visit.
“Hyundai is interested to invest 1 billion dollar in the development of factory for the production of electric cars near Karawang, West Java on a 600-hectare area of land," Luhut said here on Thursday, November 14, 2019.
"The signing will be held either on November 25 or November 26,” he added.
Luhut hopes that the investment by the South Korean car manufacturer can be realized soon. He also hopes that the investment can help boost the Indonesian economic growth.
“I have demanded that they use domestic materials, especially for the parts of the electric cars," Luhut noted.
"We expect that the production of electric cars in Indonesia relies on the usage of domestic material," he remarked. (Translator: Muhammad Gestinev)