Mahkatop
Mahkatop — Minister of Investment Bahlil Lahadalia revealed that total South Korean investment in Indonesia has reached USD 13.8 billion, equivalent to IDR 226.25 trillion (exchange rate of IDR 16,400 per USD). This figure is an accumulation from 2019 to the first quarter of 2024, primarily focusing on downstream projects.
In his statement, Bahlil mentioned that over the past five years, South Korean investment in Indonesia has exceeded IDR 200 trillion. “This investment is mainly directed towards the downstream sector,” said Bahlil on Wednesday (3/7/2024).
The largest increase in investment allocation occurred in 2023, totaling USD 2.5 billion, up from USD 2.2 billion in 2022.
Some significant investment projects from South Korea in Indonesia include:
1. PT Lotte Chemical Indonesia in Cilegon, Banten: With a total investment of IDR 59.4 trillion, this project aims to build a plant producing ethylene, polypropylene, benzene, and other products. The plant is scheduled to start production in March 2025.
“The construction of this plant is almost complete. It will start production in March 2025, which is remarkable,” added Bahlil.
2. PT KCC Glass Indonesia in Batang, Central Java: This project, with an investment value of IDR 2.88 trillion or USD 202 million, will produce approximately 394,200 tons of clear glass annually. Production at this plant is scheduled to begin in August 2024.
“We will begin production in Batang this August 2024. These are some of the downstream projects in Indonesia funded by South Korea,” Bahlil concluded.
“These projects demonstrate South Korea’s strong commitment to supporting downstream programs in Indonesia,” concluded Bahlil. (*)
