Indonesia expects $35b Chinese investment in nickel processing
JAKARTA, Oct 18: Indonesia expects to see investment in nickel processing, as well as petrochemicals, double to $35 billion by 2033, led by investors from China seeking to expand their businesses in Southeast's biggest economy.
Chinese steel and battery companies operating in Indonesia met with the country's Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan during his recent visit to Yunnan province, the minister's spokesman Jodi Mahardi said.
Among the projects discussed was a plan by China's Contemporary Amperex Technology Co Ltd (CATL) 300750.SZ and Ningbo Lygend Mining Co to create an integrated lithium battery production facility, according to Jodi, who said it would be their largest such facility in the world.
The companies, along with others including Tsingshan Holding Group and Delong Holdings, currently have around $16 billion invested in Indonesia and "made a commitment" to the minister to increase their collective investment to around $20.9 billion by 2024 and to around $35 billion by 2033, said Jodi.
"They will collaborate with investors from France, Japan, South Korea, Australia and other countries," Jodi said. -Reuters