Korea-Indonesia Cooperation on Digital, Supply Chain, and Climate Change... Gathering of Political and Business Leaders

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] The governments of Korea and Indonesia discussed economic cooperation measures between the two countries in areas such as digital technology, supply chains, climate change, and critical minerals on the occasion of the G20 (Group of Twenty) summit.

The Ministry of Trade, Industry and Energy announced on the afternoon of the 14th (local time) that the "Korea-Indonesia Business Roundtable," co-hosted by the Federation of Korean Industries and the Indonesian Chamber of Commerce and Industry, was held in Bali, Indonesia, where the G20 summit took place.

The ministry explained that this business roundtable is significant as it is the first economic event following President Yoon Suk-yeol's official proposal on the 11th at the Korea-ASEAN summit in Phnom Penh, Cambodia, to elevate bilateral relations to a "comprehensive strategic partnership."

Taking this business roundtable as an opportunity, the two countries signed a total of 10 MOUs (Memorandums of Understanding) and joint statements, including the revision of the Korea-Indonesia economic cooperation MOU, green transition initiatives, critical minerals cooperation, and infrastructure development cooperation.

Accordingly, the Ministry of Trade, Industry and Energy and Indonesia's Coordinating Ministry for Economic Affairs agreed to revise the "Korea-Indonesia Economic Cooperation MOU." Specifically, they decided to strengthen cooperation between the two countries not only in industries, energy, and trade cooperation, which have been key focus areas, but also in facilitating digital trade, industrial digital transformation, and climate change.

In the economic security sector, including supply chains, Korea's Ministry of SMEs and Startups and Indonesia's Ministry of Cooperatives and SMEs signed an "SME and Startup Cooperation MOU" that includes supply chain and startup exchanges. Korea Mining and Resources Corporation and the Indonesian Nickel Association signed an MOU on cooperation in the critical minerals supply chain.

[Image source=Yonhap News]

Additionally, Korea's Ministry of Environment and Indonesia's Ministry of Public Works and Housing adopted a "Joint Declaration on Green Transition Initiatives," based on which the two countries will continue to accelerate international cooperation on climate action by encouraging participation from the Asia-Pacific region, major G20 economies, and international organizations in such initiatives.

Korea's Ministry of Land, Infrastructure and Transport and Indonesia's Ministry of Transportation signed an MOU on the development cooperation of the Jakarta MRT (Mass Rapid Transit) Phase 4, and the Ministry of Economy and Finance decided to launch a high-level dialogue body with Indonesia's Maritime Investment Coordinating Ministry.

The event was attended by Deputy Prime Minister and Minister of Economy Choo Kyung-ho, Minister of Foreign Affairs Park Jin, Minister of Trade, Industry and Energy Lee Chang-yang, Minister of Land, Infrastructure and Transport Won Hee-ryong, Minister of Environment Han Hwa-jin, as well as Indonesian officials including Coordinating Minister for Economic Affairs Airlangga Hartarto, Minister of Investment Bahlil Lahadalia, and Jakarta Governor Bambang Susantono. From the business sector, CEOs of major Indonesian companies such as Indika Group, along with Chairman Huh Chang-soo of the Federation of Korean Industries, Chairman Chung Eui-sun of Hyundai Motor Group, President Lee In-yong of Samsung Electronics, President Kim Dong-seop of SK Hynix, and Chairman Yoon Jong-kyu of KB Financial Group participated.

An official from the Ministry of Trade, Industry and Energy said, "We discussed mutually beneficial economic cooperation measures in areas such as electric vehicles and batteries, critical minerals, digital technology, and clean energy to strengthen the economic cooperation partnership maintained by the two countries and expand supply chain cooperation between them."

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