Indonesian Minister: Tesla is not expected to invest and build a factory there in the near future.

CTOnews.com Sept. 7 news, Indonesian Ocean and Investment Coordination Minister Panjatan (Luhut Panjaitan) recently said that he does not expect Tesla to invest and build a factory in Indonesia in the short term.

Pan Jatan told Musk at the Bloomberg CEO forum in Jakarta on Wednesday that it would be "no problem" even if Tesla did not build a factory or mine battery materials in Indonesia, Bloomberg reported. He talked with Musk for more than two hours, mainly about Tesla.

"I said, it doesn't matter, if you can't invest in Indonesia for the time being, we have no problem," Panjatan said. " He also revealed that Musk was worried about the current global economic situation and the oversupply of electric cars. He will meet with Musk again in October to discuss the Starlink project of SpaceX, another of Musk's companies. Panjatan said Starlink could provide Internet access to the most remote parts of Indonesia.

Indonesian President Joko Widodo Widodo has said he hopes to strengthen Indonesia's electric car industry chain by attracting foreign investors. Indonesia has reached a $6 billion deal with Ningde Times on projects ranging from mining to batteries and has signed a contract with Hyundai to build an electric car factory. However, the investment negotiations between Indonesia and Tesla have been going on for many years and have not yet achieved substantive results.

CTOnews.com noted that although there were rumors that Tesla was preparing to build a car manufacturing plant in Indonesia, the latest reports showed that the carmaker was more likely to invest in Indonesia's nickel resources and possibly set up a battery material plant in Indonesia. Earlier this year, Bloomberg reported that Tesla had reached a preliminary car factory agreement with Indonesia, but the plan did not materialize.