Indonesia Minister Says LG to Invest Another $1.7 Billion in Battery Factory

FOREIGN DIRECT INVESTMENT - JAKARTA. South Korea's LG group remains committed to Indonesia and will increase its investment in a battery cell factory by $1.7 billion, raising total investment in the project to $2.8 billion, Indonesia's investment minister said on Tuesday.

The comment from minister Rosan Roeslani follows confirmation last week that LG Energy Solution, or LGES, has withdrawn from another venture in Indonesia, a 142 trillion rupiah ($8.46 billion) project in the EV battery supply chain, citing market conditions and the investment environment.

Read Also: GLOBAL MARKETS-Stocks Drift, Dollar Slips on US-China Standoff