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Indonesian president to visit Hyundai Motor's R&D center
Hyundai Motor Group Chairman Chung Euisun, second from left, applauds as Indonesian President Joko Widodo signs his autograph on an IONIQ 5 electric vehicle, during the opening ceremony of the carmaker's new Indonesian factory, March 16. Courtesy of Hyundai Motor Group
By Park Jae-hyuk
By Park Jae-hyuk
Indonesian President Joko Widodo will visit Hyundai Motor's R&D center in Hwaseong, Gyeonggi Province, and meet with top executives from major Korean conglomerates on Thursday morning, before his summit with President Yoon Suk-yeol the same day, according to the presidential office, Monday.
“President Joko Widodo will arrive in Seoul on Wednesday afternoon and depart from Korea on Thursday night,” a presidential office official said. “Korean businesspeople will also participate in a banquet on Thursday evening, where the presidents of both countries will attend with first ladies.”
According to industry officials and media reports, Widodo will reportedly meet the CEOs of Samsung, SK, Hyundai Motor, LG and Lotte groups at Lotte Hotel Seoul on Thursday morning. POSCO Holdings, LX Holdings, KCC Glass, CJ and LS Cable & System, all of which have expanded their presences in Indonesia, are also said to be sending their chief executives to the meeting.
It has yet to be clear whether the chairmen of Korea's five largest chaebol groups will meet the Indonesian president. SK Group Chairman Chey Tae-won plans to leave for the U.S. this week to attend Wednesday's ceremony to celebrate the completed construction of the Wall of Remembrance at the Korean War Veterans Memorial in Washington, D.C. Hyundai Motor Group Chairman Chung Euisun met with Widodo previously in March, when the carmaker finished building its Indonesian factory.
Industry officials expect Widodo and the business leaders to discuss how to boost Korean companies' investments in Indonesia. He will also likely be asked to support Busan's ongoing bid to host the 2030 World Expo.
Last year, Hyundai Motor and LG Energy Solution jointly began to build an electric vehicle (EV) battery plant in Indonesia with the aim of finishing construction by the first half of next year and starting production in the first half of 2024. Their investments were made as Indonesia has the world's largest deposits of nickel, one of the core materials for EV batteries.
POSCO International, LX International and other Korean trading companies are also running palm oil farms in Indonesia, because the Southeast Asian country is one of the world's largest producers of the substance.
In addition, LS Cable & System completed the construction of a power cable plant in Indonesia in January, as part of efforts to expand its presence throughout the ASEAN market.