Seven companies to relocate facilities to Indonesia, invest US$850mil

A worker marks a stainless steel hot rolled coil (HRC) that just came out of the machine in Morowali Industrial Park’s HRC plant in Morowali, Central Sulawesi, on Sept. 18. The industrial complex smelts nickel and processes it into stainless steel. - JP/ANN

JAKARTA (The Jakarta Post/ANN): President Joko 'Jokowi' Widodo announced on Tuesday (June 30) that seven foreign companies had confirmed plans to relocate production facilities to Indonesia, mostly from China, an encouraging signal for the country’s investment climate amid the pandemic.

The relocation of factories of the seven companies, which include South Korean industrial conglomerate LG and Japanese electronics giant Panasonic, is estimated to bring investment of US$850 million to the country and potential employment for 30,000 workers, according to the Investment Coordinating Board (BKPM).