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Korean firms to increase Indonesia investments by $1.7 billion, minister says

Published: 28 Apr. 2025, 21:59

Former Indonesian President Joko Widodo, second from right, with Hyundai Motor Group Chairman Chung Eui-sun in Indonesia on June 3, 2024 [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korean companies will increase their investment in Indonesia by $1.7 billion, Indonesian economic minister Airlangga Hartarto said on Monday after attending a meeting between a Korean business association and President Prabowo Subianto.

The planned increase is equal to more than 10 percent of the $15.4 billion that Airlangga said Korean firms had already invested in Southeast Asia's largest economy, said Airlangga.

Prabowo's office said he met with more than a dozen Korean companies that have invested in Indonesia, including holding company Lotte Corporation, steel firm Posco Holdings, glass producer KCC Glass Corporation, 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's $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 Korea's Poongsan Corporation to buy ammunition, he added.

KCC Glass, Posco, Lotte, and Poongsan did not immediately respond to requests for comments.

Reuters