President Prabowo recently chaired a closed-door meeting to accelerate downstream development of the domestic electric vehicle battery industry. During the meeting, it was decided that the project originally invested by LG consortium would be transferred to China's Huayou, with an investment value of US$9.8 billion. The Minister of Energy and Mineral Resources stated that the President has approved the project's progression, and Huayou was chosen due to LG's slow progress. This decision was made by the Investment Special Task Force. The meeting also focused on strategic cooperation between Indonesia and China's largest battery manufacturer, CATL. The Minister of Investment and Downstream Industry stated that Indonesia's sovereign wealth fund Danantara will play a key role in this collaboration, promoting project implementation, generating investment returns, creating jobs, and having long-term economic impacts. Through the involvement of Huayou and CATL, the Indonesian government aims to achieve full control over the electric vehicle supply chain from mining to battery production, building an integrated system called the "Green Package."
President Prabowo recently chaired a closed-door meeting to accelerate downstream development of the domestic electric vehicle battery industry. During the meeting, it was decided that the project originally invested by LG consortium would be transferred to China's Huayou, with an investment value of US$9.8 billion. The Minister of Energy and Mineral Resources stated that the President has approved the project's progression, and Huayou was chosen due to LG's slow progress. This decision was made by the Investment Special Task Force. The meeting also focused on strategic cooperation between Indonesia and China's largest battery manufacturer, CATL. The Minister of Investment and Downstream Industry stated that Indonesia's sovereign wealth fund Danantara will play a key role in this collaboration, promoting project implementation, generating investment returns, creating jobs, and having long-term economic impacts. Through the involvement of Huayou and CATL, the Indonesian government aims to achieve full control over the electric vehicle supply chain from mining to battery production, building an integrated system called the "Green Package."