Foxconn, a contract manufacturer known for Apple’s iPhone, and Gogoro, an electric scooter and battery swap technology company, represent the Taiwan side in the deal, while coal giant Indika Energy and state-owned Indonesia Battery Corporation are the Indonesian side.

These companies will develop a wide range of EV segments, from cars, two-wheelers and buses to battery production and supporting industries, namely energy storage systems, battery exchange or swap stations, battery recycling as well as research and development.

“Under President Joko "Jokowi" Widodo’s second term, Indonesia is focusing on encouraging sustainable investment in green energy and industry,” Investment Minister Bahlil Lahadalia said in a statement on Friday, adding that the government would take care all of the required permits.

The deal brings Indonesia – which holds almost a quarter of the global nickel reserves – a step closer to becoming a key player in the battery industry.

The government has been defending its nickel ore export ban as it seeks to protect its reserves of the metal to attract EV investment, among other purposes.

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