Deputy Minister of Industry recently stated that the government is attracting new investments for the steel industry to reduce excessive dependence on imports. Currently, Indonesia's 55% of steel consumption relies on imports, mainly from China, and the domestic steel industry's capacity utilization rate is only 52%. Companies from multiple countries (including Europe, China, and Vietnam) are interested in building factories in Indonesia, and some plan to relocate their factories to Indonesia.
He called on these countries to directly invest and set up factories in Indonesia in order to enter the domestic market and compete fairly with existing local enterprises. Investment is key to solving the steel industry's problems. If foreign companies build factories in Indonesia, it will help meet the domestic demand of about 11 million tons of steel and reduce import pressure.
He also mentioned that recently, foreign investment willingness in Indonesia's manufacturing sector has continued to strengthen. Apart from steel, the textile and automotive industries are also showing similar investment growth trends. The government hopes to attract more foreign investment to promote the development of the domestic steel industry, increase production capacity, and reduce dependence on imports.
Deputy Minister of Industry recently stated that the government is attracting new investments for the steel industry to reduce excessive dependence on imports. Currently, Indonesia's 55% of steel consumption relies on imports, mainly from China, and the domestic steel industry's capacity utilization rate is only 52%. Companies from multiple countries (including Europe, China, and Vietnam) are interested in building factories in Indonesia, and some plan to relocate their factories to Indonesia.
He called on these countries to directly invest and set up factories in Indonesia in order to enter the domestic market and compete fairly with existing local enterprises. Investment is key to solving the steel industry's problems. If foreign companies build factories in Indonesia, it will help meet the domestic demand of about 11 million tons of steel and reduce import pressure.
He also mentioned that recently, foreign investment willingness in Indonesia's manufacturing sector has continued to strengthen. Apart from steel, the textile and automotive industries are also showing similar investment growth trends. The government hopes to attract more foreign investment to promote the development of the domestic steel industry, increase production capacity, and reduce dependence on imports.