Expansion of Market Entry into Indonesia's New and Renewable Energy Sector

Ministry of Industry Holds 11th Korea-Indonesia Energy Forum via Video Conference
Our Companies Including Icaplug and Injin Hold Detailed Talks with Indonesian Agencies
Public Institutions Like Korea Oil & Gas Corporation Also Participate in Oil and Gas Cooperation

Joo Young-jun, Director of the Energy Resources Office, Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] South Korea is expected to have an opportunity to expand its entry into Indonesia's new and renewable energy markets.

The Ministry of Trade, Industry and Energy announced that it held the "11th Korea-Indonesia Energy Forum" with Indonesia's Ministry of Energy and Mineral Resources on the 9th.

On the Korean side, Joo Young-jun, Director General of the Energy Resources Department at the Ministry of Trade, Industry and Energy, and on the Indonesian side, Yudo Dwinanda Priaadi, Chief Advisor to the Minister of Energy and Mineral Resources, attended the video conference as chief representatives.

Indonesia was the first country with which South Korea established an intergovernmental resource cooperation committee in 1979. Since 2007, it has been expanded and reorganized into an energy forum, serving as an official cooperation channel in the energy and resource sectors.

The 11th forum was composed of three sessions: "Power and Renewable Energy," "Oil and Gas," and "Mutual Cooperation."

In Session 1, presentations included the entry of Korean company iCapPlug's electric vehicle charger sales service, Injin's off/microgrid wave power generation project, and the Indonesian Electricity Company’s announcement of the "2020 Indonesia New and Renewable Energy Power Supply Business Plan (RUPTL)."

This provided an opportunity to expand Korean companies' entry into Indonesia through detailed consultations with Indonesian related agencies on new and renewable energy.

Session 2 featured Korea National Oil Corporation's "Joint Research on Promising Exploration Areas and Discovery of New Projects" and Indonesia's "2020 Oil and Gas Block Leasing Plan." Opportunities for cooperation with state-owned oil company Pertamina and state-owned gas company PGN were explored.

Additionally, resource development technology cooperation plans were discussed, including the Korea Institute of Geoscience and Mineral Resources' "Technology Development for Onshore Medium and Small-scale Shallow Gas Fields" and Korea Gas Corporation's "Technology Exchange in Small-scale Liquefied Natural Gas (LNG) Plant Sector."

In Session 3, presentations included Korea Mine Reclamation Corporation's "Strengthening Mine Reclamation Cooperation," Korea Electrical Safety Corporation's "Support for Improving Energy Safety Management Systems," Korea Energy Technology Evaluation Institute's "Discovery of Joint Energy Research Cooperation Projects," and Seoul National University's "Strengthening Cooperation through International Cooperation Education Programs."

These focused on sectors with high demand from Indonesia, such as mine reclamation, energy safety management, energy new industry R&D, and human resource development, providing an opportunity to strengthen bilateral cooperation.

Director Joo stated, "Despite the global pandemic of COVID-19, I hope the forum will serve as a channel to explore new cooperation opportunities in energy and resources between the two countries," adding, "The Korean government will actively support the activation of cooperation between companies across power, new and renewable energy, oil and gas, and mutual cooperation in energy and resources."

The Ministry of Trade, Industry and Energy said it plans to realize the outcomes of the forum agreements at the Korea-Indonesia Economic Cooperation Committee plenary session to be held within this year, aiming to provide an opportunity for the economic cooperation relationship between the two countries to advance to the next level.