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3 Japanese Companies to Relocate to Indonesia: Industry Minister

TEMPO.CO Mon, March 1, 2021

Industry Minister Agus Gumiwang Kartasasmita. ANTARA/Industry Ministry Public Relations Bureau

TEMPO.CO, Jakarta – Industry Minister Agus Gumiwang Kartasasmita has confirmed at least three Japanese companies will relocate their facilities from China to Indonesia. They are Panasonic Manufacturing—with an investment of US$ 30 million, Denso (US$ 138 million), and Sagami Indonesia (US$ 50 million).

The three companies are among the seven multinational companies planning to move their facilities from China to Indonesia. The total investment will reach US$ 118 million or Rp1.7 trillion with an assumed exchange rate of Rp14,290 per US dollar.

Agus said the relocation was attributable to the efforts of both governments in increasing comprehensive economic cooperation, especially in the industrial sector. The synergy between the two countries is expected to improve business enthusiasm amid the ongoing COVID-19 pandemic.

Agus reiterated that Japan was one of the strategic partner countries to Indonesia, which was evident in the increasing bilateral trade cooperation in the non-oil and gas sector in 2014-2019. 

“With a growth of 5.06 percent,” said Agus in a press release on Sunday, February 28. The minister recently met with the Japanese Ambassador to Indonesia, Kanasugi Kenji.

The government, according to Agus, has further encouraged Japanese industrial players to invest in Indonesia. Moreover, Indonesia is committed to creating a conducive business climate by providing easy licensing and various incentives.

BISNIS.COM

https://en.tempo.co/read/1437644/3-japanese-companies-to-relocate-to-indonesia-industry-minister

SOURCE: TEMPO.CO, INDONESIA Mon, March 1, 2021

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