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S. Korean corporate leaders join Yoon in state visit to Indonesia

S. Korean corporate leaders join Yoon in state visit to Indonesia

Posted September. 07, 2023 08:27,   

Updated September. 07, 2023 08:27


A delegation of approximately 20 prominent corporate leaders and CEOs, led by President Yoon Suk-yeol, will accompany him during his state visit to Indonesia in connection with the ASEAN summit. These influential business figures, including Chairman Chung Eui-sun of Hyundai Motor Group, Chairman Koo Kwang-mo of LG, Chairman Shin Dong-bin of Lotte Corporation, Chairman Koo Ja-eun of LS Group, and Chairman Choi Yun-beom of Korea Zinc, are slated to embark on their journey to Indonesia on Thursday. Their primary objective is to participate in the South Korea-Indonesia Business Roundtable.

During their time in Indonesia, the South Korean business leaders will engage in discussions at the business roundtable and engage with the CEOs of approximately 20 major Indonesian corporations. These deliberations aim to explore collaborative initiatives, which may culminate in establishing joint ventures or signing Memorandums of Understanding (MOUs).

Indonesia boasts a population of 277 million, rendering it the largest market in Southeast Asia and a pivotal hub for production facilities operated by major Korean corporations. For instance, Hyundai Motor has established a manufacturing facility with an annual production capacity of up to 150,000 vehicles in Indonesia. Furthermore, a battery factory, established in partnership with LG Energy Solution, is slated to commence operations in the Karawang International Industrial City in 2024.

LG Group presently operates eight companies and operates four production facilities within Indonesia. LG CNS is actively engaged in Indonesia’s capital city relocation project. Chairman Chung and Chairman Koo are expected to personally inspect the project site during their time away from their official duties associated with President Yoon’s state visit.

Lotte, too, has been a presence in the Indonesian market since 2008, with Lotte Mart and Lotte Department Store outlets. Furthermore, Lotte Chemical is executing the “Line Project,” an extensive petroleum and chemical complex construction endeavor set to conclude by 2025, involving an investment of five trillion won. CEO Shin is anticipated to oversee these local projects following his participation in the bilateral business roundtable. LS Group is also poised to expand its local business endeavors, building upon its joint venture with the Indonesian AG Group to construct an electrical cable factory.