Indonesia says Chinese companies commit $7.46 bln in new investment

Reuters2024-12-23

UPDATE 1-Indonesia says Chinese companies commit $7.46 bln in new investment

Adds investment details from paragraph 3 to 8

JAKARTA, Dec 23 (Reuters) - Indonesia's investment ministry said several Chinese companies have expressed commitments to invest a total of $7.46 billion in new projects including factories producing silicon products and fiberglass.

The ministry issued the statement late on Sunday, after Investment Minister Rosan Roeslani's visit to the Chinese cities of Hangzhou, Quzhou and Beijing between Dec. 18 and 20.

The commitments include a plan by Hongshi Holding Group to build an industrial estate to produce silicon, polysilicon, as well as batteries and components, including a 2-gigawatt power plant to drive the park, worth $5 billion, the ministry said.

China Jushi Co 600176.SS, a unit of Zhenshi Holding Group, plans a $1 billion investment in the fiberglass industry, it said.

Wankai New Materials 301216.SZ plans three stages of investment worth $1 billion in the petrochemicals sector, it said.

Rosan said he asked nickel firm Huayou Holding Group, which already has large investments in the Southeast Asian country, to build a research and development centre in Indonesia. He said the company agreed and Jakarta would give a tax break.

The companies did not immediately respond to requests for comment.

The minister also met with automaker Geely Automobile Holdings 0175.HK and several other Chinese companies, the statement said.

(Reporting by Gayatri Suroyo and Fransiska Nangoy; Editing by Martin Petty)

((gayatri.suroyo@thomsonreuters.com; +622129927609;))

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