Indonesia secures $7.46B in Chinese investments

December 23, 2024 (MLN): Indonesia's investment ministry announced that several Chinese companies have expressed commitments to invest a total of $7.46 billion in new projects.

These projects include factories producing silicon products and fiberglass, as reuters reported.

The ministry issued the statement late on Sunday, after Investment Minister Rosan Roeslani's visit to the Chinese cities of Hangzhou, Quzhou and Beijing between Dec. 18 and 20.

The commitments include a plan by Hongshi Holding Group to build an industrial estate to produce silicon, polysilicon, as well as batteries and components.

The estate will include a 2-gigawatt power plant to drive the park, with a total investment worth $5 billion, the ministry said.

China Jushi Co a unit of Zhenshi Holding Group, plans a $1bn investment in the fiberglass industry, it said.

Wankai New Materials plans three stages of investment worth $1bn in the petrochemicals sector, it said.

Rosan said he asked nickel firm Huayou Holding Group, which already has large investments in the Southeast Asian country, to build a research and development centre in Indonesia.

He said the company agreed and Jakarta would give a tax break. The companies did not immediately respond to requests for comment.

The minister also met with automaker Geely Automobile Holdings and several other Chinese companies, the statement said.

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