Investment Minister Clarifies LG-Led South Korean Consortium's EV Battery Investment Status in Indonesia
JAKARTA, investor.id – Investment and Downstream Industries Minister/Head of the Investment Coordinating Board (BKPM), Rosan Roeslani, has provided clarification regarding the reported cancellation of an electric vehicle (EV) battery development investment by a South Korean consortium in Indonesia.
Rosan explained that the South Korean consortium led by LG had not cancelled its investment, but had rather completed one stage of its investment programme.
"If I may explain briefly, LG's total investment is indeed US$9.8 billion. This is a large investment covering the entire ecosystem from mining — from mining, nickel matte, nickel sulphate, precursor, cathode, anode, battery cell, cell pack, through to battery recycling," Rosan explained during a press statement at the Presidential Palace in Jakarta on Wednesday (23/4/2025).
Rosan elaborated that the investment ecosystem is divided into four stages, and LG has completed all of them. "So the reports about them pulling out — they haven't pulled out. All of it? No. They have already carried out and completed stage four, valued at US$1.1 billion," Rosan concluded.
Furthermore, Rosan noted that the EV battery development investment is an extremely large-scale project requiring numerous investment partners and a series of negotiations.
"We also want to see this investment proceed, which is why it has been decided that the project will continue but with a replacement partner," Rosan explained.
"Discussions with the new partner are already underway. Both we and LG remain committed to investing in other areas, and the door remains open for them to invest in the same field as well," he added.
Rosan explained that the South Korean consortium led by LG had not cancelled its investment, but had rather completed one stage of its investment programme.
"If I may explain briefly, LG's total investment is indeed US$9.8 billion. This is a large investment covering the entire ecosystem from mining — from mining, nickel matte, nickel sulphate, precursor, cathode, anode, battery cell, cell pack, through to battery recycling," Rosan explained during a press statement at the Presidential Palace in Jakarta on Wednesday (23/4/2025).
Rosan elaborated that the investment ecosystem is divided into four stages, and LG has completed all of them. "So the reports about them pulling out — they haven't pulled out. All of it? No. They have already carried out and completed stage four, valued at US$1.1 billion," Rosan concluded.
Furthermore, Rosan noted that the EV battery development investment is an extremely large-scale project requiring numerous investment partners and a series of negotiations.
"We also want to see this investment proceed, which is why it has been decided that the project will continue but with a replacement partner," Rosan explained.
"Discussions with the new partner are already underway. Both we and LG remain committed to investing in other areas, and the door remains open for them to invest in the same field as well," he added.