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Chinese firm invests 2.6 billion USD in lithium battery production in Indonesia

Contemporary Amperex Technology (CATL) of China poured around 38.59 trillion IDR (2.6 billion USD) in the development of the electric vehicle battery industry of Indonesia, according to Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan.
Chinese firm invests 2.6 billion USD in lithium battery production in Indonesia ảnh 1Indonesian Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan (Photo: Indonesia's Ministry for Maritime Affairs)

Jakarta (VNA) – Contemporary Amperex Technology (CATL) ofChina poured around 38.59 trillion IDR (2.6 billion USD) in the development ofthe electric vehicle battery industry of Indonesia, according to Indonesian CoordinatingMinister for Maritime Affairs and Investment Luhut Binsar Panjaitan.

The investment is poured into the construction of thelargest lithium battery factory in Indonesia.

Foreign direct investment into the Southeast Asian nationcontinued to grow amid the COVID-19 pandemic, Luhut added.

He noted that the investment in electricvehicle batteries is a result of the Indonesian government's efforts toencourage manufacturing in Indonesia.

However, foreign investment sometimes facesprotest from locals due to the concern that jobs might be lost to foreignworkers.

The minister explained that the presence offoreign workers in these projects is only for knowledge transfer and it is actuallybeneficial for job creation in the future.

On the other hand, Luhut said that foreignworkers are important to help Indonesia enter the world’s supply chain withdownstream industries, given that until now Indonesia has not been able to meetthe workers’ need for these sectors./.

VNA
#Indonesia #Chinese firm #electric vehicle battery industry #Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan #Foreign direct investment #vietnamplus #Vietnam News Agency Indonesia
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