A recent article by Tempo, sourcing Antara News, reports that Luhut Pandjaitan, Indonesia’s Coordinating Minister of Maritime Affairs and Investment has said the Indonesian government will partner with the Singaporean government in developing the solar panel industry with a claimed USD 50-billion investment potential.
The remarks were made during the Leading Economic Forum 2023 event in Jakarta, where the minister said “we will sign an agreement with Singapore this week in regard to the solar panel industry.”
According to Minister Luhut, Singapore initially wanted the electricity to be exported to Singapore, but Indonesia was adamant that industrial development must be carried out domestically. “What we want is end-to-end, so we have to build the solar panels here for the industry, then the batteries, and so on. Later we will also export them to Singapore, so it’s a win-win,” he said.
The cooperation with Singapore is also to support the Kalimantan Industrial Park Indonesia (KIPI) project in North Kalimantan, which has seen the ground-breaking ceremony for the construction of the Mentarang Hydroelectric Power Plant; a project to have a capacity of 1,375-Megawatts (MW), say Tempo.
The North Kalimantan industrial area will also build the largest petrochemical factory, iron steel factory, electronic alumina, electric batteries, and solar panels.