Prabowo agrees to take over Indonesia battery project by Huayou

President Prabowo recently hosted a closed-door meeting to accelerate the downstream development of the country's electric vehicle battery industry. At the meeting, it was decided that the project originally invested by the LG consortium would be taken over by China's Huayou, with an investment amounting to $9.8 billion.The Minister of Energy and Mineral Resources said the president had approved the project to move forward, and that Huayou was chosen because LG had been too slow in advancing the project, a decision that was made by an investment task force. The meeting also focused on Indonesia's strategic cooperation with China's largest battery maker, Ningde Times, with the minister of investment and downstream industries saying that IndonesiaSovereign Wealth FundDanantara will play a key role in the partnership, driving projects that will generate a return on investment, create jobs and have a long-term economic impact. Through the participation of Huayou and Ningde Times, the Indonesian government aims to achieve full control of the EV supply chain, from mining to battery production, in an integrated system known as the "Green Package".