South Korea's Hyundai Motor said on Tuesday it has signed a pre...
) said on Tuesday it has signed a preliminary deal to build a new factory in Indonesia, which would be its first car plant in Southeast Asia and a crack at Japanese rivals that dominate the market.
Hyundai Motor said it will invest about $1.55 billion in the Indonesia auto manufacturing plant from now until 2030, including product development and operation costs. Hyundai said it is building the production facilities to avoid import tariffs ranging from 5% to 80% in the ASEAN region. The plant will cater to Indonesia, the region’s largest automobile market, and other countries belonging to the Association of Southeast Asian Nations , it said.
Moon has been pushing a “New Southern Policy” aiming to deepen ties with Southeast Asia as Seoul seeks to curb its reliance on traditional trading partners like China and the United States.
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