AsianFin -- Indonesia's investment minister, Rosan Roeslani, announced on Tuesday that South Korea's LG Group remains firmly committed to Indonesia.

The group will be increasing its investment in a battery - cell factory by 1.7 billion, bringing the total investment in this project to 2.8 billion.

This statement comes in the wake of last week's news that LG Energy Solution (LGES), a subsidiary of the LG Group, had withdrawn from another large - scale venture in Indonesia. The 142 trillion rupiah ($8.46 billion) project was part of the EV battery supply chain. LGES cited market conditions and the investment environment as the reasons for its withdrawal.

"The commitment from LG remains significant. A clear example of this is their decision to invest in the development of this joint venture," Roeslani said at a press conference, referring to a battery plant located in West Java.

It's worth noting that last week, LG also stated that it would continue its investment in a battery joint venture named HLI Green Power. This joint venture is led by LGES and Hyundai Motor Group, indicating that while making strategic adjustments in some areas, the LG Group is still actively involved in Indonesia's battery - related initiatives and committed to long - term investment in the country.