KSP invites South Korean companies to invest in Cilegon Estate

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Jakarta (ANTARA) – PT Krakatau Sarana Properti (KSP), which is part of the state-owned subsidiary PT Krakatau Steel, invites several South Korean companies to continue investing in the Cilegon industrial zone in Banten.

PT KSP Managing Chairman Ridi Djajakusuma, along with Industrial Zone General Manager Nur Wijayanto, in an official statement in Jakarta on Friday, said they had paid a working visit to South Korea from October 18 to 20. 2022.

During his visit, Djajakusuma visited several companies, including CEO Dongjin Joonkyu Lee and several other South Korean companies, such as KGT Asset Management and Seo-Hyun Partners LLC. The meeting was held at the Seoul Posco Building.

“Dongjin already has two factories in Cilegon. During this visit, I speak directly with CEO Dongjin Joonkyu Lee to discuss the possibility of the chemical and textile company opening a third factory in the Cilegon Industrial Zone. Indonesia has been one of the investment destinations for Korean companies,” Djajakusuma remarked.

Based on data from the Investment Coordinating Board (BKPM), this year the government pocketed investment pledges from several South Korean companies, worth 100.69 trillion rupees, or about 6, 78 billion US dollars.

During the period 2010-2021, there were a total of 24,579 South Korean investment projects in Indonesia. South Korea has the most admissions in 2020, with 5,468 projects.

Djajakusuma pointed out that Dongjin is one of two thousand South Korean companies in Indonesia, in addition to Krakatau Posco, Lotte Group, LG Electronics and Hyundai. He noted that the Lotte Group’s presence in the Cilegon Industrial Zone has a positive impact on the South Korean retail company.

“Therefore, I hope that Dongjin will increase the value of its investment in Indonesia by opening an additional factory in Cilegon Industrial Zone. We have prepared land at Krakatau 3 for investors who wish to open a new factory,” a- he points out.

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Wijayanto also pointed out that currently the South Korean company with the biggest investment in the Cilegon Industrial Zone is Lotte Chemical. In 2017, Lotte Chemical built a petrochemical plant in Krakatau Industrial Estate Cilegon (KIEC), covering an area of ​​80 hectares.

President Joko Widodo (Jokowi) met with 10 CEOs of Korean companies in Seoul in July 2022, and the meeting resulted in an investment commitment of 100 trillion rupees from South Korea.

Wijayanto pointed out that investors will not face any complications in obtaining investment permits as policies in the investment sector have been simplified by the Job Creation Act Number 11 of 2020, especially with respect to the issuance of business licenses and the provision of tax incentives through the Risk-Based Online Single Submission (OSS) System.

“Many South Korean companies are investing their assets in Indonesia, especially in the Cilegon Industrial Zone. This is proof that our infrastructure is very decent and adequate. Therefore, investors just need to bring their suitcases in Cilegon as all permits are facilitated and faster under the commitment of the government, BKPM and regional governments of Cilegon and Banten,” he remarked.

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