Indika, Foxconn Consider EV Partnership With Thai Firm

Channel News Asia are reporting on a Reuters article that Indonesian coal mining company PT Indika Energy and Taiwan-based Foxconn, who are partnering to make electric vehicles in Indonesia, are considering bringing in a Thai firm as a third partner, Indika’s top executive told Reuters on Wednesday.

Arsjad Rasjid, President Director of Indika, declined to name the Thai company nor any target for the completion of the partnership due to ongoing negotiations, but said the three could invest in EV or EV battery production.

“We know the strongest automotive strongholds in ASEAN are Indonesia and Thailand … instead of competing, why don’t we complement,” he said in a video interview with Reuters while at a gathering of G20 leaders.

In September, Indika and Foxconn launched a USD 2-billion joint venture to make EVs, batteries and energy storage in Indonesia, report Channel News Asia.

Arsjad said the venture would likely focus on manufacturing electric buses in its initial production and may later move to make electric trucks.

Foxconn, Apple’s biggest iPhone maker, also has a USD 1-billion joint venture with Thai energy group PTT to produce battery EVs.

Foxconn did not immediately respond to request for comment by email.

Indika has recently acquired local metal firm PT Perkasa Investama Mineral, which has a bauxite mining business, to secure materials for battery production, Arsjad said, adding that it is looking to buy other bauxite or nickel mines.

Like many other energy companies, Indika wants to diversify its business to reduce exposure to coal – the most polluting fossil fuel – to reach a target of carbon neutrality by 2050.

Indika is one of the top coal miners in Indonesia, which is the world’s biggest coal exporter.

Arsjad, who chairs the B20 meetings of business executives from G20 economies, said the businesses had recommended initiatives to leaders to accelerate the world’s energy transition to renewables, including ways to balance the short- and long-term measures to expedite the phase-down of coal.

Source: Reuters, Channel News Asia

Latest Article
IKN Development Stimulates Economic Growth
Asian Development Bank (ADB) Director for Indonesia, Jiro Tominaga, told Antara News on Monday (27/5/24,)...
Indonesia Aims for Competitive Investment Climate
Speaking on the sidelines of the World Water Forum (WWF) in Nusa Dua, on Wednesday (22/5/24,) Indonesia’s...
Elon Musk Launches Starlink for Indonesia’s Health Sector 
Local and regional newswires including The Economic Times, are buzzing with news that Elon Musk and Indonesia’s...
Ministry Offering End-to-End Support for Investors
Indonesia’s Ministry of Investment aims to ensure ease of investment in Indonesia by implementing end-to-end...
Indonesia Invites Turkish Entrepreneurs to Invest
Tempo is reporting that Indonesia’s Coordinating Ministry for Economic Affairs has invited around 150...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.