Not India, Elon Musk foresees possible investments in this Southeast Asian country

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Elon Musk, the world’s richest person, plans to visit Indonesia to explore investment opportunities in the resource-rich Southeast Asian country.

The chief executive of Tesla Inc. and SpaceX met with Indonesian President Joko Widodo on Saturday at the rocket maker’s site in Boca Chica, Texas, during which Widodo issued an invitation.

“Hopefully in November, thanks for the invite,” Musk said, according to a statement from Widodo’s office.

Indonesia, home to some of the largest copper, nickel and tin deposits in the world, touts its abundance of natural resources to attract billions of dollars in silver from foreign investors.

The government has had discussions about potential partnerships with Musk’s teams over the past few years, including electric vehicle development with Tesla and the possibility of a SpaceX rocket launch site in the country, but no deal. has not been concluded.

Musk’s Tesla suspends plans to enter India

Meanwhile, Musk’s Tesla Inc has suspended plans to sell electric cars in India, abandoned the search for exhibition space and reassigned part of its national team after failing to secure a tax cut to import, three people familiar with the matter told Reuters.

The decision ends more than a year of deadlocked talks with government officials as Tesla first sought to test demand by selling electric vehicles (EVs) imported from production centers in the United States and in China, at lower prices.

But the government is pushing Tesla to commit to manufacturing locally before lowering tariffs, which can reach 100% on imported vehicles.

Tesla had set a deadline of Feb. 1, the day India unveils its budget and announces tax changes, to see if its lobbying bears fruit, the report adds.

When Prime Minister Narendra Modi’s government failed to offer a concession, Tesla suspended plans to import cars to India.

Musk is currently the subject of a $44 billion takeover bid on Twitter, although that deal has become uncertain as he said his bid was “temporarily suspended” and later maintained that he was ” always committed” in the agreement.

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