INDONESIA: Indonesia offers Korea's SK Group to invest in petrochemical industry
Indonesia’s Industry Minister Agus Gumiwang Kartasasmita has offered South Korea's conglomerate SK Group to invest in Indonesia’s petrochemical industry. "We are optimistic that they would invest in the petrochemical industry, as Indonesia continues to have huge imports of petrochemical products," Kartasasmita stated in Seoul on Wednesday (20 November 2019).
At a meeting with Kartasasmita in Seoul, SK Group, one of South Korea's top five chaebol (industrial conglomerates), remarked that it will consider investment in the industrial sector in Indonesia. "They are keen to invest in the industrial sector and will send its team to decide on which industry they will invest in," the minister noted. SK Group continues to seek domestic partners in Indonesia to develop the industry, he stated.
The industrial group comprises three business groups, specifically 45 percent in energy and chemical, 37 percent in information and communication technology and semiconductor, and 18 percent in logistics and services. Some 60 percent of the petrochemical products for the downstream industry in Indonesia are still imported. Of the total six million tons of demand of petrochemical raw materials in the country, only two million tons can be met by domestic supply. The ministry has continued to attract investment in the petrochemical sector to substitute the import to meet domestic demand.
Source: Antara News Agency, Jakarta; 20 Nov 2019
(Syed Rashid Ali, Karachi, Pakistan)