Gwangyang Economic Zone Authority Conducts Investment Promotion Activities in Indonesia

Strategic Cross-Investment in Natural Resources Including Key Minerals in Indonesia to Be Promoted

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter referred to as Gwangyang Economic Authority) announced that it is conducting investment attraction activities by visiting Jakarta and Medan in Indonesia for four days from June 11 to 14.

This investment attraction activity was promoted with the purpose of establishing a mutually strategic investment cooperation relationship with Indonesia, which has the world's fourth largest population (about 280 million) and abundant natural resources such as key minerals including nickel, aluminum, and copper, and to induce additional investment from Indonesian companies that have already invested in the Gwangyang Bay Area.

Investment Promotion Activities in Indonesia [Photo by Gwangyang Economic Promotion Agency]

On June 12 (Wednesday), Song Sang-rak, Commissioner of the Gwangyang Economic Authority, emphasized during a meeting with Nurul Ichwan, Vice Minister of the Ministry of Investment of Indonesia, that “the Gwangyang Bay Area is the center of Korea's secondary battery, steel, and chemical industries, and it is the optimal location where Indonesia's key minerals and other natural resources can be precisely processed in Gwangyang Bay and sold to the Korean, Chinese, and Japanese markets.”

Vice Minister Nurul Ichwan of the Ministry of Investment of Indonesia stated, “Combining Indonesia's abundant natural resources with the advanced processing technology of the Gwangyang Bay Area, and utilizing Korea's global FTA platform and the RCEP of the Asia-Pacific region will bring great economic benefits to companies of both countries,” and added, “Let both institutions cooperate to the fullest so that advanced material companies located in the Gwangyang Bay Area and Indonesian natural resource production companies can strategically make mutual cross-investments.”

After the meeting with the Ministry of Investment of Indonesia, they visited the Indonesian headquarters of Huayou Cobalt, which invested in the secondary battery sector in the Gwangyang Bay Area, to discuss the possibility of expanding investment in key minerals such as nickel and cobalt.

Additionally, during the visit, they held a meeting with the KOTRA Jakarta Trade Center and Korean companies in Indonesia to promote ways to expand exports of products from companies within the jurisdiction of the Gwangyang Economic Authority to Indonesia, as well as incentives related to domestic return (U-turn) investment and industrial complexes available for settlement.

Song Sang-rak, Commissioner of the Gwangyang Economic Authority, said, “Indonesia, which is emerging as a new center of ASEAN, is a strategically important cooperation partner in the key industries of the Gwangyang Bay Area such as secondary battery materials and key mineral processing, and it is necessary to continue foreign investment attraction activities such as discovering companies capable of mutual cross-investment.”

This content was produced with the assistance of AI translation services.