IBC Receives USD 15 Million Investment from South Korea and China

IBC Receives US$ 15 Million Investment from South Korea and China
Minister of State-Owned Enterprises (BUMN) Erick Thohir positively welcomed the cooperation carried out by PT Industri Battery Indonesia or Indonesia Battery Corporation (IBC) with a Chinese company, PT Ningbo Contemporary Brunp Lygend Co. Ltd. (CBL) and LG Energy Solution from South Korea (South Korea).

Erick said that IBC managed to get an investment of US$ 15 billion in this collaboration for the development of the electric vehicle battery ecosystem in the country.

“We welcome investment cooperation from two large companies from China and South Korea. This proves that investors are confident in Indonesia’s seriousness in developing the electric vehicle battery ecosystem,” Erick said in his official statement, Monday (8/8).

According to Erick, CBL and LG Energy Solution’s investment for the integrated electric vehicle battery project initiative is in line with the electric vehicle battery development plan that emphasizes an integrated ecosystem, from upstream to downstream. 

He assessed that Indonesia’s efforts to become a global player in the electric battery industry require the support of many parties, ranging from the synergy of SOEs, the national private sector, central and regional governments, to foreign companies for technology transfer. 

“The impact of investment is not only felt by IBC, but we also emphasize in BUMN how investment must contribute to the national and regional economy and no less important, create job opportunities,” said Erick.

He assessed that the acceleration of the development of the electric battery industry ecosystem is very important for Indonesia. Erick said that IBC also has the potential to expand cooperation with CBL and LG Energy Solution in the future.

Erick said that SOEs are open to cooperation, whether it is a strategic partnership or in other forms, the important thing is that it is mutually beneficial. 

By strengthening and accelerating the development of the electric battery industry ecosystem, said Erick, Indonesia will be able to take advantage of natural resources (SDA) and a large market for economic growth and job creation. 

“We don’t want natural wealth to only be sent out in the form of raw materials, then resold here at an expensive price. We want natural wealth and a large market to be a source for the growth and welfare of the Indonesian people,” said Erick.

Source: https://industri.kontan.co.id/news/ibc-dapat-investasi-us-15-juta-dari-korsel-dan-china