South Korean firms to increase Indonesia investments by $1.7 bln, minister says
The planned increase is equal to more than 10% of the $15.4 billion that Airlangga said South Korean firms had already invested in Southeast Asia's largest economy, said Airlangga.
Prabowo's office said he met with more than a dozen South Korean companies that have invested in Indonesia, including holding company Lotte Corporation, steel firm POSCO Holdings (005490.KS), opens new tab, glass producer KCC Glass Corporation (344820.KS), opens new tab, and Hyundai Motor Group.
POSCO and KCC Glass were among the firms that planned new investments, Airlangga said, without providing further details. Airlangga said Lotte Chemical Corp's (011170.KS), opens new tab $3.9 billion large-scale petrochemical plant in Indonesia was expected to start operating by September or October this year.
Indonesia is also in talks with South Korea's Poongsan Corporation (103140.KS), opens new tab to buy ammunition, he added.
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