LG Chem-Indonesia Battery Industry Cooperation Scale 10 Trillion Won
[Asia Economy Reporter Hwang Yoon-joo] LG Energy Solution (LG Chem's battery division) recently signed a memorandum of understanding (MOU) with Indonesia, with the scale of battery industry cooperation reportedly reaching $9.8 billion (approximately 10.6388 trillion KRW).
According to foreign media on the 30th, the head of the Indonesia Investment Coordinating Board announced at a local press conference that they had signed an MOU on battery industry cooperation worth $9.8 billion with LG Chem.
He stated that the agreement includes investments across the entire electric vehicle supply chain and added that LG may also collaborate with other companies, including Hyundai Motor.
He further explained, "With this agreement, Indonesia will become the first country in the world to integrate the electric vehicle battery industry from mining to lithium battery production."
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Meanwhile, LG Energy Solution held a signing ceremony for the battery industry cooperation MOU with Indonesia in Seoul on the 18th. However, specific details regarding the scale of investment plans were not disclosed.
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