JAKARTA (Xinhua): Indonesia and Britain are planning to build an electric vehicle battery supply chain in the future, Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan said on Wednesday (Nov 24).
In the joint investment, the two countries are planning to set up production facilities both in Indonesia and Britain, Pandjaitan said at a national coordination meeting and an investment service award event in Jakarta.
"Yesterday President (Joko Widodo) spoke with PM (Prime Minister) Boris Johnson, and I was there, encouraging cooperation. We invest in Britain and they invest in Indonesia. That way, we can enter the global supply chain earlier," he said, without telling the value of the investment and the time for the realisation of the plan.
The joint investment cooperation is expected to be able to meet the demand for cathode and battery cells for electric vehicles in Britain and Europe, he said, adding that the demand is expected to continue increasing until 2030.
According to him, the materials for electric vehicle batteries and battery precursors will be produced in Indonesia by an Indonesian-British joint investment company.
Indonesian President Joko Widodo previously held a meeting with a number of CEOs of large companies on the sidelines of the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change in Britain, in which an investment commitment of US$9.29bil was earmarked for green investment.