Korea and Indonesia, the 'No.1 Nickel Producer,' Discuss Electric Vehicle and Battery Cooperation Plans
The government has decided to strengthen economic cooperation with Indonesia, the world's 4th largest domestic market and the top country in nickel reserves and production. On the 22nd, An Deok-geun, Minister of Trade, Industry and Energy, held the first 'Korea-Indonesia Ministerial Meeting on Trade and Industry' of the year at Lotte Hotel Seoul with Airlangga Hartarto, Coordinating Minister for Economic Affairs of Indonesia, who oversees Indonesia's economic and industrial policies, and discussed ways to expand comprehensive economic cooperation between the two countries.
Both sides agreed to further enhance future economic cooperation by actively utilizing complementary industrial structures and trade platforms such as the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA) and the Regional Comprehensive Economic Partnership (RCEP).
At the meeting, Minister An emphasized that Korean companies are contributing to Indonesia's economic growth and requested special support and attention from the Indonesian government to ensure stable business activities locally. In particular, he urged the resolution of difficulties arising from Indonesia's 'Import Quota System' and the expansion of incentives for electric vehicles produced locally by Korean companies.
Both parties shared the intention to continue economic cooperation between the two countries even after the inauguration of the new Indonesian government in October. In the second half of this year, the '3rd Korea-Indonesia Economic Cooperation Committee' is scheduled to be held in Jakarta.
During his visit to Korea, Minister Hartarto also met with Chung Eui-sun, Chairman of Hyundai Motor Group, to discuss cooperation plans in electric vehicle and hydrogen businesses. Hyundai Motor completed a 777,000㎡ finished car plant with an annual capacity of 250,000 units in the Deltamas Industrial Park, Bekasi City, Indonesia, in 2022.
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Minister Hartarto posted on his Facebook, "We pursued agreements related to Hyundai Motor's electric vehicle investment, finished car plant, and battery cell plant," and shared a photo of his meeting with Chairman Chung.
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