LG Chem is in final discussions with Hyundai Motor Group over the launch of an #electricvehicle (EV) #battery plant in #Indonesia after the government there approved of the project.
The #investment will be "substantial" as Jakarta has guaranteed preferential tax treatment for startups. The Southeast Asian country plans to grant both LG Chem and Hyundai tax exemptions on imported construction materials for at least seven years. The Korean tech firm has reportedly received other financial incentives such as a "fixed-rate" corporate income tax (CIT) and a possible exemption for a certain period.
Indonesia is seeking to build an EV ecosystem. In terms of geographic location, the Southeast Asian country is well-positioned for Hyundai to expand its sales channels to Australia and other countries in the region using competitive Indonesian labor, which is also good for the country's economy.
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The #investment will be "substantial" as Jakarta has guaranteed preferential tax treatment for startups. The Southeast Asian country plans to grant both LG Chem and Hyundai tax exemptions on imported construction materials for at least seven years. The Korean tech firm has reportedly received other financial incentives such as a "fixed-rate" corporate income tax (CIT) and a possible exemption for a certain period.
Indonesia is seeking to build an EV ecosystem. In terms of geographic location, the Southeast Asian country is well-positioned for Hyundai to expand its sales channels to Australia and other countries in the region using competitive Indonesian labor, which is also good for the country's economy.
Access The Korea Times article via out Twitter post.
#StaySafe #StayHealthy
View on Instagram