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Economy in brief: Hyundai to finalize $1b car factory plan
Coordinating Maritime Affairs Minister Luhut Panjaitan has said senior executives of South Korean car maker Hyundai Motor will meet several ministers later this month to discuss the company’s plan to develop a US$1 billion car factory in Indonesia
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span>Coordinating Maritime Affairs Minister Luhut Panjaitan has said senior executives of South Korean car maker Hyundai Motor will meet several ministers later this month to discuss the company’s plan to develop a US$1 billion car factory in Indonesia.
He said the Hyundai representatives wanted to seek information about the procedures to arrange licenses and about a regulation on the development of electric vehicles, which is being finalized.
“They will come here soon to learn more about the permit procedure. I will also invite other related ministries to the meeting,” Luhut said at a recent media briefing, adding that Hyundai planned to construct their factories in West Java’s Bekasi, Karawang and Purwakarta integrated economic and industry zone.
“The area is strategic as it will be connected to the [under construction] Patimban Seaport in Subang, West Java, and the newly launched Kertajati International Airport in Majalengka, also in West Java.”
Hyundai will team up with another Korean car producer KIA Motors to build the plant, which will have a production capacity of 250,000 units, including electric vehicles, he said, adding that the Korean car producers would use nickel laterite ore to be produced at a nickel-based industrial park in Morowali regency, Central Sulawesi.
