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G20 Summit gathers us$8 billion-worth of investment commitment, minister says

Tempo - November 18, 2022

Bisnis.Com, Jakarta – Minister of Investments and Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia, stated that Indonesia has managed to gather US$8 billion of investment commitment during the G20 Summit in Bali. Most of the commitment came from South Korea, China, and European countries.

"[Investment commitments] of US$7 to 8 billion have been signed by various countries," said Bahlil in an official statement, Thursday, November 17. "The details will be revealed when we sign the HOA [Head of Agreement]."

Apart from the confirmed investment commitments, Bahlil also explained that there are still around US$10 billion (Rp 156.8 trillion) commitments that have not been signed. Therefore, he remains reluctant to announce detail about the unconfirmed commitments.

Sunday last week, Minister Bahlil said that Indonesia and Great Britain had collaborated to build a Battery Electric Vehicle (BEV) ecosystem and an industrial area based on new and renewable energy (EBT).

The BKPM had also signed a Memorandum of Understanding (MoU) with CNGR Advanced Material Co Ltd, a ternary precursor manufacturer from China with an investment value of US$5 billion or around Rp 78 trillion.

Under the MoU, BKPM is responsible for assisting CNGR in obtaining all project permit issuances and investment incentives from the government.

Source: https://en.tempo.co/read/1658415/g20-summit-gathers-us-8-billion-worth-of-investment-commitment-minister-says