2023 Korea-Indonesia 50th Anniversary of Diplomatic Relations: Both Countries to Strengthen Close Cooperation
[Bali, Indonesia = Lee Ki-min, Asia Economy Reporter] South Korea and Indonesia signed 10 memorandums of understanding (MOUs) related to economic cooperation on the 14th.
President Yoon Suk-yeol attended the 'Korea-Indonesia Business Roundtable' held in Bali, Indonesia on the 14th during the G20 Summit, together with Indonesian President Joko Widodo.
First, the Ministry of Economy and Finance signed an 'Investment Sector High-Level Dialogue Launch MOU' together with Indonesia's Investment Coordinating Board. Through a high-level channel between the two countries' deputy prime ministers, it is expected to serve as a control tower to quickly resolve investment-related difficulties faced by companies from both countries and to comprehensively review and monitor the progress of bilateral cooperation projects.
The other nine MOUs are divided into ▲ sales diplomacy ▲ supply chain strengthening ▲ building a foundation for digital and green partnerships. In sales diplomacy, Hyundai Motor Company signed agreements with the new capital city office and the Ministry of Transportation of Indonesia for 'New Capital Relocation Mobility AAM Cooperation,' 'New Capital Relocation Smart City Development Cooperation' (LG CNS), 'Jakarta MRT Phase 4 Development Cooperation' (Ministry of Land, Infrastructure and Transport), and 'Maritime Transportation Cooperation' (Ministry of Oceans and Fisheries).
In the supply chain sector, cooperation agreements include 'Critical Minerals' (Korea Mining Promotion Agency for Resource Corporation) and 'SME and Innovation Cooperation' (Ministry of SMEs and Startups). In building a foundation for digital and green partnerships, cooperation will be strengthened through 'Economic Cooperation 2.0' (Ministry of Trade, Industry and Energy) and the 'Joint Statement on Green Transition Initiative' (Ministry of Environment).
Before the event, President Yoon and President Joko Widodo held a separate pre-meeting, where the two leaders evaluated the active follow-up cooperation in various fields such as advanced industries including electric vehicles and batteries, infrastructure, and defense and military industries since the Korea-Indonesia summit at the end of July.
President Yoon emphasized that the two countries should strengthen supply chain linkages and advance economic networks based on their mutually complementary industrial structures. He explained that Korean companies possessing advanced manufacturing technologies in semiconductors, batteries, and automobiles are the optimal partners for Indonesia's 'Making Indonesia 4.0' strategy, which fosters manufacturing based on abundant natural resources.
Additionally, President Yoon proposed that the two countries deepen cooperation in digital transformation and clean energy sectors. He stressed the need for close collaboration leveraging each country's strengths in digital economy fields such as digital education, industrial digitalization, smart cities, digital finance, as well as clean energy sectors including nuclear power, renewable energy, and hydrogen.
The two leaders agreed to closely cooperate to further develop bilateral relations on the occasion of the 50th anniversary of Korea-Indonesia diplomatic relations in 2023.
The government plans to expand cooperation starting with Indonesia, including comprehensive industrial and energy cooperation with Vietnam, digital-related agreements with Singapore, negotiations for the Korea-Thailand Comprehensive Economic Partnership Agreement (CEPA), and trade promotion under multilateral trade cooperation with Brunei.
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