Korea-Indonesia to Fully Promote Cooperation on 'SMR and Critical Minerals'

16 MOUs and Contracts Signed at Korea-Indonesia Business Roundtable

South Korea has decided to actively promote economic cooperation with Indonesia to pioneer future industries such as Small Modular Reactors (SMR), critical minerals, mobility, and resource recycling.

On the 7th, the Ministry of Trade, Industry and Energy announced that during the 'Korea-Indonesia Business Roundtable' held in Jakarta, Indonesia, 16 memorandums of understanding (MOUs) and contracts were signed between companies from both countries, with Ahn Deok-geun, Director-General for Trade Negotiations, and Luhut Binsar Pandjaitan, Indonesia's Coordinating Minister for Maritime and Investment Affairs, in attendance.

The event, held on the occasion of President Yoon Suk-yeol's participation in the ASEAN Summit, was attended by about 40 economic figures including economic organizations, major conglomerates, and small and medium-sized enterprises from both countries.

An official from the Ministry of Trade, Industry and Energy stated, "Both sides discussed the achievements of economic cooperation over the past 50 years and established a new cooperation foundation to grow together for the next 50 years in promising fields such as SMR and critical minerals." He added, "In the nuclear power sector, an MOU was signed to cooperate on building the nuclear power industry infrastructure."

Additionally, ▲in the mobility sector, 2 agreements were signed including electric two-wheelers and integrated parking solutions; ▲in the critical minerals sector, 2 agreements on joint research and supply chain establishment; ▲in the resource recycling sector, 1 agreement on white bio (biodegradable materials); ▲in the power and clean energy sector, 5 agreements including eco-friendly facility conversion, green ammonia, carbon capture and storage (CCS), and power equipment; ▲in the industrial sector, 3 agreements covering root industries, construction machinery, and fashion distribution; and ▲in the health and policy sector, 2 agreements on medical facility consignment contracts and ASEAN policy research were concluded.

Going forward, the government plans to closely cooperate with the Indonesian government to ensure smooth follow-up implementation of the signed MOUs, strengthening support to activate cooperative projects through the introduction of customized incentives and official development assistance (ODA) support.

President Yoon Suk-yeol is taking a commemorative photo with Prime Minister Lee Hsien Loong at the Korea-Singapore summit held at the Jakarta Convention Center (JCC) in Indonesia on the 7th (local time). [Image source=Yonhap News]

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