Nissan-Renault plan to invest $400 million in its Indonesian assembly plant to boost its production capacity, a minister said on Monday.
Indonesia‘s President Susilo Bambang Yudhoyono held a meeting with Nissan-Renault chairman Carlos Ghosn in the capital Jakarta to discuss the company’s intentions, Industry Minister M.S Hidayat said.
“They planned to invest in Cikampek (West Java) with an investment value of $400 million, higher from its initial plan of $100 million,” the minister told reporters after the meeting.
“They want to increase production capacity from 100,000 vehicles per year to 250,000 vehicles by 2014,” he said.
The company’s executives made no comments following the meeting but are expected to give details in a press conference on Tuesday.
Indonesia, Southeast Asia’s largest economy, is seeking billions of dollars in foreign investment to help it achieve target of 7.0-percent growth by 2014.
The archipelago aims to attract private investment of up to $465 billion by 2025.