MOUs with Indonesia promote cooperation in EVs, bio

Economy

Published: 08 Sep. 2023, 15:25 Updated: 08 Sep. 2023, 17:40

MOUs with Indonesia promote cooperation in EVs, bio

President Yoon Suk Yeol, left in the front row, and Indonesian President Joko Widodo, right, walk side by side at the Jakarta Presidential Palace on Friday during Yoon's visit to the Southeast Asian country, while first ladies Kim Keon Hee and Iriana Joko Widodo trail behind. [JOINT PRESS CORP]

Korea and Indonesia formed a pair of intergovernmental agreements on Friday to bolster ties in EVs, bio economy and more.

The agreements came as President Yoon Suk Yeol was visiting the Southeast Asian country for Asean-related summits.

The Korean and Indonesian governments signed two memoranda of understanding (MOUs) that day, following a bilateral summit between Yoon and Indonesian President Joko Widodo. The two countries are celebrating 50 years of diplomatic relations this year.

The MOUs seek to foster cooperation in establishing an industrial foundation for EV businesses and to jointly foster a range of future growth industries, according to Korea’s Ministry of Trade, Industry and Energy.

Indonesia is the biggest car market in Asean and has abundant reserves of key minerals for EV manufacturing such as nickel.

With the latest MOU for EV businesses, Korea’s Industry Ministry and Indonesia’s Coordinating Ministry for Economic Affairs will work closely to support the operation of an upcoming e-mobility collaboration center for joint EV infrastructure projects in Indonesia.

The collaboration center, set up by the Korea Automotive Technology Institute, will open by the end of this year in Jakarta as part of the Korean Industry Ministry’s 18-billion-won ($13.5-million) ODA program.

The center will spearhead the test operation of electric mobility chargers in the country and set up service centers, while also providing support in training and policy suggestions.

Another MOU signed between the industry ministries of the two countries aims to newly extend existing business cooperation in automotive, steelmaking, petrochemicals, and electrical equipment into biopharmaceuticals, digital economy and manufacturing and more.

Yoon began his weeklong, two-leg trip to Indonesia and India on Tuesday and headed to India on Friday to attend the G20 summit. Yoon will meet with Indian Prime Minister Narendra Modi.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]