Seoul and Jakarta to enhance bilateral cooperation

Economy

Published: 24 Jul. 2023, 18:19

Seoul and Jakarta to enhance bilateral cooperation

Deputy Trade Minister Jeong Dae-jin, right, shakes hands with Indonesia's deputy economic minister, Edi Prio Pambudi, ahead of the second meeting of their joint committee on economic cooperation in Seoul on July 24, 2023. [YONHAP]

Korea and Indonesia agreed Monday to enhance bilateral cooperation on electric vehicles, batteries and supply chains of major industry minerals, the Ministry of Trade, Industry and Energy said.

The consensus was reached during the bilateral economic cooperation committee meeting in Seoul, led by Deputy Trade Minister Jeong Dae-jin and Indonesian Deputy Economic Minister Edi Prio Pambudi, according to the ministry.

The meeting was a follow-up to rounds of recent summit talks between Korean President Yoon Suk Yeol and his Indonesian counterpart, Joko Widodo, who reached an agreement to enhance cooperation in high-tech industries, infrastructure and defense, among other sectors.

The two nations also agreed to expand their investment in the production of EVs and batteries in a move to jointly make inroads into the Southeast Asian and global markets.

They also vowed to work more closely on supply chains of key minerals, including nickel, as Indonesia is rich in such natural resources.

To achieve their zero-emission goals, the two sides also agreed to push for joint projects to cut emissions as well as build facilities for green hydrogen and solar power production. They will also boost ties in the field of small modular reactors.

"As key economic partners, Korea and Indonesia have maintained a solid economic relationship for the past 50 years. Now it is time to further the ties by enhancing cooperation on broader issues, such as climate change and supply chains," the ministry said in a release.

Seoul and Jakarta mark the 50th anniversary of the establishment of their diplomatic relations this year.

Two-way trade hit an all-time high of $24.5 billion last year, up from $18.4 billion a year earlier, according to Korean government data.

Yonhap