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View all search resultsEV investment drive will not leave other sectors out in cold, HSBC says
Some observers wonder whether Jokowi’s pet sector will elbow other industries out of coveted sources of international and domestic funding.
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President Joko “Jokowi” Widodo (left) visits a Hyundai factory, which produces the electric car “Ionic 5”, in Bekasi, West Java, on March 16, 2022. (AFP/Presidential Palace)
S
ince the beginning of his second term, President Joko "Jokowi" Widodo has been pushing for investment in the electric vehicle (EV) supply chain, with efforts beginning in earnest with a 2019 presidential regulation on EV adoption.
But some observers wonder whether Jokowi’s pet sector will elbow other industries out of coveted sources of international and domestic funding.
According to Surendra Rosha, co-CEO of HSBC Asia-Pacific, investors have become increasingly aware of and interested in the EV industry over the past five years.
"There is increasing momentum in the sector and people are paying attention to it. We have traveled around to meet corporations and investors, and no single conversation has happened where the topics of energy transition and sustainability are not brought up," Rosha told The Jakarta Post in an interview on Thursday.
Rosha said Indonesia’s abundant raw materials could give it a competitive edge in the EV supply chain if it managed to develop the sector, especially as other nations started to migrate from internal combustion engine (ICE) vehicles to EVs.
"The same thing happened with other markets for ICE vehicles […]. But the shift is happening, and the supply chain of EV is different from ICE," Rosha said.
