Baek Bok-in, CEO of KT&G (right) and Bahlil Lahadalia, Indonesian Minister of Investment South Korea's KT&G Corp. has received a commitment of active investment support from the Indonesian government for building a local new factory.
KT&G envisions completing this factory in 2026 and using it as a strategic base for exports to Southeast Asia.
The company held an investment support agreement ceremony at the Indonesian Ministry of Investment building last Wednesday, attended by its CEO Baek Bok-in and Indonesian Minister of Investment Bahlil Lahadalia, as announced on Monday.
During the ceremony, the Indonesian Ministry of Investment pledged active investment support for the construction of the KT&G East Java new factory, aiming for completion in 2026.
"On behalf of the Indonesian government, I welcome KT&G's continued investment and will do my best to ensure the smooth progress of the investment," Minister Lahadalia said.
KT&G intends to export tobacco products manufactured at this plant to Southeast Asia and other regions.
"Through the investment in the new Indonesian factory, we will accelerate our expansion into overseas markets, swiftly seize opportunities abroad and leap into a global top-tier company through aggressive investments and innovation," CEO Baek remarked.