G20·B20 Business Roundtable
Attended by Chung Eui-sun, Huh Chang-soo, and Others
Cooperation in Indonesian Mobility, New Capital Construction, and Digital Sectors
Huh Chang-soo, Chairman of the Federation of Korean Industries, is giving a greeting speech at the 'Korea-Indonesia Business Roundtable' held on the 14th (local time) at the Nusa Dua Convention Center in Bali, Indonesia. From the left, Lee Chang-yang, Minister of Trade, Industry and Energy, Huh Chang-soo, Chairman of the Federation of Korean Industries, and Chung Eui-sun, Chairman of Hyundai Motor Group. (Photo by Federation of Korean Industries)
[Asia Economy Reporter Moon Chaeseok] Major domestic companies such as Samsung, Hyundai Motor, and LG Group have been presented with an opportunity to take the lead in the construction of Indonesia's new capital city. It is reported that the Indonesian side is also taking this seriously.
On the 15th, the Federation of Korean Industries (FKI) announced that it jointly held the 'Korea-Indonesia Business Roundtable' with the Indonesian Chamber of Commerce and Industry (KADIN) at 6:30 p.m. local time the previous day at the Nusa Dua Convention Center in Bali, Indonesia. This event was held in conjunction with the G20 Summit and the Business20 (B20) Summit, for which Indonesia is the chair country this year.
The event was attended by Korean officials including Deputy Prime Minister and Minister of Economy Choo Kyung-ho, Foreign Minister Park Jin, Minister of Trade, Industry and Energy Lee Chang-yang, Minister of Land, Infrastructure and Transport Won Hee-ryong, and Minister of Environment Han Hwa-jin. On the Indonesian side, there were Minister of Economic Affairs Airlangga Hartarto, Minister of Investment Bahlil Lahadalia, Minister of Maritime Investment Luhut Binsar Pandjaitan, Minister of Public Works and Housing Basuki Hadimuljono, and Head of the New Capital City Authority Bambang Susantono. CEOs from leading Korean companies such as Samsung, Hyundai Motor, LG, SK, Lotte, Hanwha, Doosan, and KCC, as well as major Indonesian companies including the Indika Group, also participated.
FKI Chairman Huh Chang-soo introduced examples of cooperation with Indonesia in his welcoming remarks, such as Korea’s first overseas investment company establishment and the first submarine import built by Korea. Chairman Huh emphasized, "Indonesia is a precious partner that gave Korea its first titles." He added, "Economic cooperation between the two countries is evolving from resource development to manufacturing such as steel, and further into future industries like batteries, electric vehicles, and smart cities. We will continue to demonstrate a model of exemplary 'post-COVID partnership' to the world, from securing supply chains of critical minerals to advanced industrial cooperation."
They also achieved results by signing more than ten memorandums of understanding (MOUs) related to investment in Indonesia. In particular, Korean companies are expected to lead infrastructure construction necessary for the new capital city development in East Kalimantan on Borneo Island, a key project of President Joko Widodo. LG Group signed an MOU to design the smart city master plan for the new capital city together with the Indonesian New Capital Investment Authority, and Hyundai Motor signed MOUs with the Indonesian Ministry of Transportation and the New Capital Investment Authority to build future aerial mobility (AAM) for the new capital city.
This year’s B20 Summit was the first in-person meeting in three years since the 2019 Tokyo Summit. Over 2,000 world leaders attended, including more than 20 invited countries beyond the G20. Keynote speeches at the B20 Summit were delivered by South Korean President Yoon Suk-yeol, Indonesian President Joko Widodo, Canadian Prime Minister Justin Trudeau, Australian Prime Minister Anthony Albanese, and other heads of state. Global business leaders who spoke included Elon Musk, founder of Tesla; Jeff Bezos, founder of Amazon; and Chung Eui-sun, Chairman of Hyundai Motor. Since the start of B20 in 2010, the FKI has participated annually as a representative of the Korean business community. This is the first time in three years since the 2019 Tokyo Summit that a delegation has been organized to attend.
Kim Bong-man, head of the FKI International Headquarters, said, "As the first in-person meeting after the pandemic and a more successful G20 and B20 Bali meeting than in previous years, we were able to open a bilateral business roundtable between world leaders and Korean companies as well as with Indonesia, a rising power in ASEAN. Since Indonesia is advancing in manufacturing sophistication and high-tech industries, there are countless areas where our companies can contribute, and we expect more diverse cooperation cases to emerge."
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