Softbank, ride hailing app Grab investing $2B in Indonesia

Business

A Grab driver rides on his motorcycle in Jakarta, Indonesia, Monday, July 29, 2019. Japanese technology company Softbank and Southeast Asian ride hailing app Grab said Monday, July 29, 2019, they’re investing $2 billion in Indonesia over the next five years. (AP Photo/Achmad Ibrahim)

JAKARTA, Indonesia (AP) — Japanese technology company Softbank and Southeast Asian ride hailing app Grab said Monday they’re investing $2 billion in Indonesia over the next five years.

Grab made the announcement after a meeting Monday between Indonesian President Joko Widodo and executives from Grab and its major investor Softbank.

Grab is using money already invested in it by Softbank for the investments in Indonesia, which is Southeast Asia’s largest economy.

In its statement Grab said it and Softbank will “create a next-generation transport network for Indonesia based around an electric vehicle ecosystem that will drive cities toward a greener and cleaner transportation grid.”

The statement also mentioned development of “e-healthcare” and mapping services.

“This investment is evidence that Indonesia has been on the radar of investors, especially in the technology sector,” said Luhut Binsar Panjaitan, a Cabinet minister.

Grab vies with local startup Go-Jek in Indonesia’s ride hailing, food delivery and virtual payments markets.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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