aewoo Engineering & Construction (ENC) is reportedly looking to invest around US$1 billion in Indonesia across various industries.
During a meeting with President Prabowo Subianto on Wednesday, the South Korean firm explained that the investment would go into the oil and gas, construction and infrastructure sectors, including the Giant Seawall project aimed at tackling land subsidence along the northern coast of Java.
“They are ready […] because they see good [potential] in President Prabowo’s vision,” said Indonesian businessman Baringin Panggabean, who joined the meeting and reportedly facilitated Daewoo’s investment plans, as quoted by Bisnis.
Baringin said both parties were still in the exploration stage regarding the investment projects, and details had yet to be finalized, but the discussions were promising.
“Because there is a mutual benefit at play. Daewoo is seeking business opportunities and we need investment. So we will be following up on this,” he added.
On a separate occasion, President Prabowo confirmed South Korean interest in investing in Indonesia’s oil and gas and construction sectors, though he stopped short of naming specific projects.
“We are open and welcoming to all businesspeople from any country,” he said. “They want to participate.”