Taiwanese Tech Company, Foxconn Considering Investment in Indonesia’s New Capital

The logo of Foxconn, or Hon Hai Group , which is Taiwans technology giant and the worlds leading producer of semiconductors or chips particularly for Apples devices, is seen on top of the companys headquarters, amid COVID-19 outbreak , in Taipei, Taiwan, 15 July 2021. Foxconn has together with TSMC helped Taiwan to buy BioNTech vaccines. (Photo by Ceng Shou Yi/NurPhoto via Getty Images)

Foxconn Technology is in a consideration of investing in Indonesia’s new capital, according to Indonesia’s official report. This is a move that would bolster the US$34 billion construction project.

The Taiwanese tech company is looking at setting up an electric bus system and an Internet of Things network at Nusantara, as Indonesia’s new capital, Investment Minister Bahlil Lahadalia was quoted as saying.

It was reported that Young Liu, the chairman of Hon Hai Precision Industry (Foxconn’s flagship unit) met with Indonesian President Joko Widodo on Saturday to discuss the company’s plan to invest US$8 billion to build a manufacturing plant with electric-scooter startup Gogoro.

The factory, set to be built in Central Java province, will produce batteries and other electric vehicle-related products.

Indonesia is seeking to capitalize on its large reserves of nickel, a key component in batteries, to develop an EV industry.

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