Minister of Industry Ensures South Korean Industry Remains Investment in Indonesia

INDUSTRY.co.id - Seoul, the Indonesian Government continues to attract South Korean investment in the manufacturing industry. This strategic step aims to deepen the structure of the national manufacturing industry to be more competitive in the global arena.

"On the Making Indonesia 4.0 roadmap, one of the priority programs that needs to be implemented is attracting investment," Industry Minister Airlangga Hartarto said after accompanying President Joko Widodo to meet with four leaders of South Korean big companies in Seoul on Monday (09/10/2018) morning .

The four industry players from the Ginseng country are Chairman Cheil Jedang (CJ) Group Lee Jae-hyun, Vice Chairman of Lotte Group Hwang Kag-gyu, CEO of Posco Oh-Joon Kwon, and Vice Chairman of Hyundai Group Chung Ei-sun.

"At the meeting, it was discussed about increasing investment and developing investment," said Airlangga.

The Minister of Industry mentioned, for example CJ Group which already has a shop in Pasuruan and Jombang, East Java.

"They are producers of monosodium glutamate (MSG), lysine, and animal feed. Throughout 2011-2015, the bio-company has invested USD500 million," he said.

Later, the Lotte Group is building a petrochemical plant with an investment of USD 4 billion in Cilegon, Banten. The company will produce naphtha crackers with a total capacity of two million tons per year.

The chemical raw material is needed to produce ethylene, propylene and other derivative products, so that later we will not need to import. The plan is that this project will open 9,000 jobs, "he said.

For Hyundai, they have signed an MoU regarding their investment plans, continued Airlangga. While Posco continues to accelerate the construction of the 10 million ton steel cluster project in Cilegon which is estimated to be reached by 2025.

"So, everyone ensures their commitment to keep investing in Indonesia," he added.