Arsjad mentioned that Indonesia is the only country with a special strategic partnership with South Korea among the ASEAN countries. This special partnership has resulted in agreements to establish an electric vehicle (EV) and battery ecosystem.
In Indonesia, the development of a sustainable technology ecosystem is also being carried out by PT Indika Energy Tbk, Bakrie Group, and Mayora Group.
According to Azis Armand, Vice President Director and Group CEO of Indika Energy, the development of the electric vehicle ecosystem plays a crucial role in accelerating the transition towards sustainable transportation in Indonesia.
“The transformation to electric vehicles also needs to be accompanied by increased investment to strengthen electric vehicle facilities and infrastructure. This is part of Indika Energy’s mission in creating a comprehensive electric vehicle ecosystem in Indonesia,” said Azis.
Arsjad appreciates the strong support of the South Korean government in efforts to establish the electric vehicle ecosystem in Indonesia, as marked by the launch of the limited edition IONIQ 5 electric vehicle in March 2022. Hyundai is also building a dedicated EV battery system factory, Hyundai Mobis, scheduled to be completed in the first half of 2024.
“Hyundai Group has invested $60 million to build a factory as the foundation for Hyundai Mobis’ business, focused on the ASEAN market. It is remarkable that the Indonesian government has designated the Genesis G80 and IONIQ 5 electric vehicles as official vehicles at the G20 Summit in Bali in 2022,” he said.
Meanwhile, Alternate Chair of ASEAN-BAC Bernardino Vega, revealed that Indonesia’s Gross Domestic Product (GDP) is around 80% of South Korea’s, and the total market capitalization in Indonesia is only about 30% of that in South Korea.
“This is an opportunity that we must make the most of. Currently, Indonesia has around 4.6 million stock investors, which is less than 2% of the total population. This shows that there is still significant growth potential,” said Dino.
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