South Korea, Indonesia Boost Cooperation

South Korea’s Yonhap News Agency are reporting that Seoul’s industry ministry has said South Korea and Indonesia agreed Monday to enhance bilateral cooperation on electric vehicles, batteries and supply chains of major industry minerals.

The consensus was reached during the bilateral economic cooperation committee meeting in Seoul, led by Deputy Trade Minister Jeong Dae-jin and Indonesia’s deputy economic minister, Edi Prio Pambudi, according to the Ministry of Trade, Industry and Energy, say Yonhap.

It was a follow-up to rounds of recent summit talks between South 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.

Yonhap report that during Monday’s meeting, the two nations 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, such as nickel, as Indonesia is rich in such natural resources.

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

“As key economic partners, South Korea and Indonesia have maintained a solid economic relationship for the past 50 years. Now 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 USD 24.5-billion last year, up from USD 18.4-billion a year earlier, according to South Korea’s government data.

Source: Yonhap News Agency

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