KT&G announced on Sept. 11 that it has signed an agreement with the Indonesia Investment Coordinating Board (BKPM) to receive investment support for the construction of a new factory in East Java, Indonesia, an export outpost.
At the signing ceremony, held at BKPM's headquarters in Jakarta, Indonesia, on Sept. 6, KT&G President Baek Bok-in and Indonesian Investment Minister Bahlil Lahadalia discussed investment plans and support measures for the new plant.
Under the agreement, KT&G will further refine its investment plan for the construction of a new plant in Indonesia. The Indonesian Ministry of Investment will provide various convenience and support in accordance with local laws and regulations.
The new plant in Indonesia is expected to be operational by 2026. The products produced will be exported to Southeast Asia and other countries. Through this, KT&G plans to focus on expanding overseas markets by using Indonesia as a production base for products for overseas export.
The investment plan is part of the investment plan for the next five years in core business areas announced at the "KT&G Future Vision Declaration Ceremony" held in January.
"With the investment in the new plant in Indonesia, we will further accelerate our expansion in overseas markets such as Southeast Asia," said an official from KT&G. "We will continue to invest aggressively and innovate in overseas markets."
