Yoon "Actively Support 2045 Golden Inni Vision"... Six Economic Cooperation MOUs Signed (Comprehensive)

President Yoon Attends Korea-Indonesia Summit
22 MOUs Including Business Roundtable
Consensus on 40 Trillion Won Cooperation for Indonesia New Capital Project

President Yoon Suk-yeol announced on the 8th that South Korea will actively support Indonesia's long-term economic development plan, the '2045 Golden Indonesia Vision,' aimed at achievement by 2045. Taking this summit as an opportunity, South Korea signed six memorandums of understanding (MOUs) related to future industries with Indonesia to strengthen economic cooperation and plans to actively participate in the new capital relocation project from Jakarta to Nusantara.

On the morning of the 8th, during the Korea-Indonesia summit held at the Indonesian Presidential Palace in Jakarta with President Joko Widodo, President Yoon said, "Marking the 50th anniversary of diplomatic relations this year, South Korea and Indonesia have achieved remarkable development in political, economic, social, and cultural fields." Indonesia's 2045 Golden Indonesia Vision aims to develop natural resources, advanced industries, and smart cities by 2045 and reach the status of a developed country.

[Image source=Yonhap News]

Regarding Korea-Indonesia relations, he stated, "Indonesia is a leading ASEAN country with tremendous economic growth potential. It realizes the rule of law where legal rights are firmly guaranteed based on liberal democracy and a market economy order." He expressed confidence that "therefore, Indonesia inevitably becomes South Korea's key partner in Greater ASEAN and the Indo-Pacific."

After the summit, six MOUs were signed, including four MOUs and two inter-ministerial agreements. During President Yoon's visit, a total of 22 MOUs were signed between South Korea and Indonesia. This laid the foundation for preparing a new 50 years of Korea-Indonesia relations, marking the 50th anniversary of diplomatic ties, and expanded South Korea's economic and diplomatic security influence from Indonesia, a core ASEAN region, to the entire Indo-Pacific and ASEAN.

President Yoon and President Joko Widodo agreed to continuously expand trade and investment between the two countries based on the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA), which came into effect in January this year. In this regard, the MOUs signed in the presence of both leaders include four MOUs on △partnership for agricultural mechanization and agricultural infrastructure cooperation, △electric vehicle ecosystem development cooperation, △industrial cooperation in automobiles, steel, petrochemicals, digital, and green industries, and △halal food cooperation, as well as two separate inter-ministerial MOUs on comprehensive cooperation in intellectual property and patent priority examination cooperation, totaling six MOUs. Adding the 16 MOUs signed between companies at the Korea-Indonesia Business Roundtable held the previous day, including nuclear power, new city construction, health, and power sectors, a total of 22 MOUs were signed during President Yoon's visit. Among these, through the 'Electric Vehicle Ecosystem Development Cooperation MOU,' plans are in place to deepen cooperation in four key areas?infrastructure, manpower, research and development (R&D), and systems?with Indonesia, which has emerged as a Southeast Asian electric vehicle hub, focusing on electric vehicles and electric two-wheelers.

On this day, President Yoon and President Joko Widodo reaffirmed the necessity of bilateral cooperation on Indonesia's new capital relocation project. Both leaders agreed on the need to enable Korean companies to participate in this project. Indonesia has initiated a project to relocate the capital from Jakarta on Java Island, which suffers from overpopulation and land subsidence, to Nusantara on Borneo Island by 2045. The Indonesian government plans to invest approximately 40 trillion won, including about 7.7 trillion won from the government, 21.7 trillion won from public-private partnerships, and 10.6 trillion won from private investments. Since signing the Korea-Indonesia Capital Relocation Cooperation MOU at the 2019 Korea-ASEAN Special Summit, officials from both countries have exchanged training programs, transferring know-how modeled on the development of Sejong City.

Subsequently, about two months after President Yoon's inauguration, President Joko Widodo visited Korea in July last year and extended the cooperation MOU related to the new capital, leading to the formation of the 'Capital Relocation Team Korea.' This team, including the Ministry of Land, Infrastructure and Transport's Administrative City Construction Agency, Korea Overseas Infrastructure & Urban Development Corporation, Korea Land & Housing Corporation (LH), Korea Water Resources Corporation, Korea Electric Power Corporation, Hyundai Engineering & Construction, LS Electric, and Doosan Enerbility, is actively competing for related projects. The Presidential Office expects that specific cooperative projects such as carbon-neutral water purification plants, immersed tunnels, and policy advisory services for the new capital will accelerate further following this summit.

Additionally, while President Yoon focused on Korea's role in the international community and the government's value diplomacy stance during his first ASEAN summit last year, this year in Indonesia, he delivered a strong security cooperation message regarding North Korea while also focusing on securing economic benefits. Considering that he managed to attend numerous bilateral meetings in a tight schedule to promote the bid for the 2030 World Expo, it is evaluated that he successfully captured the 'three rabbits' of economy, security, and the expo.

[Image source=Yonhap News]

This content was produced with the assistance of AI translation services.