Chinese firms pledge $7.46b for Indonesian projects

Indonesia’s investment ministry announced that multiple Chinese companies have pledged to invest $7.46 billion in new projects, which will include the establishment of silicon and fibreglass factories.

The Indonesian ministry released the statement on Sunday evening following Investment Minister Rosan Roeslani’s trip to Hangzhou, Quzhou, and Beijing in China from December 18 to 20.

Hongshi Holding Group has committed to building an industrial estate for silicon and polysilicon production, batteries, and components. The $5 billion project will also include a 2-gigawatt power plant to support the park.

China Jushi Co, a subsidiary of Zhenshi Holding Group, has announced a $1 billion investment in the fiberglass industry. However, Wankai New Materials plans to invest $1 billion in the petrochemicals sector in three stages.

The minister requested Huayou Holding Group, a nickel firm with significant investments in Southeast Asia, to establish a research and development centre in Indonesia. The company agreed, and Jakarta will provide a tax incentive.

Attribution: Reuters

Subediting: M. S. Salama