Indonesia sovereign fund steps up EV plans with China's CATL

INA preparing pipeline of Nusantara projects, chief investment officer says

20230412 Indonesia Investment Authority Chief Investment Officer

Indonesia Investment Authority is preparing a EV-focused fund and is already "reviewing a deal pipeline," says Chief Investment Officer Stefanus Ade Hadiwidjaja. (Photo by Koya Jibiki)

ERWIDA MAULIA, Nikkei staff writer

April 13, 2023 12:30 JST

JAKARTA -- The Indonesia Investment Authority, or INA, is setting up a special fund with Chinese battery giant Contemporary Amperex Technology (CATL) to help develop the emerging industry in the Southeast Asian country, a senior executive said in a recent interview.

Stefanus Ade Hadiwidjaja, chief investment officer of the sovereign wealth fund tasked with attracting foreign capital and investing in growth areas in Indonesia, told Nikkei Asia that the planned EV Ecosystem Fund with CATL will explore investments in electric vehicle-related sectors in Indonesia.