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While visiting Jakarta, Indonesia, President Yoon Suk-yeol met with business leaders from both countries on September 7th (local time) and stated, “Indonesia, where more than 2,000 of our companies are active, is a core partner of our Indo-Pacific strategy.” During the Korea-Indonesia Business Round Table attended by President Yoon on this day, 16 memoranda of understanding (MOUs) and contracts were signed in key areas such as essential minerals and nuclear power. Given the urgent need to reduce dependence on Chinese imports of essential minerals, strengthening cooperation with resource-rich Indonesia has become even more crucial.
President Yoon emphasized that “Indonesia, as the largest economy in ASEAN with abundant essential minerals, has a high potential for cooperation with our companies leading in advanced industries such as electric vehicles and batteries,” calling for active collaboration between companies from both countries. He particularly expressed hope for the deepening of cooperation in the nuclear power sector, including small modular reactors (SMRs), to secure a stable energy supply base, as both countries are aggressively pursuing carbon neutrality.
For the past 49 years since 1974, the Korea Chamber of Commerce and Industry (KCCI) and the Indonesian Chamber of Commerce and Industry (KADIN) have held business roundtable discussions. The recent roundtable was attended by over 20 Korean business leaders, including Chairman Chung Eui-sun of Hyundai Motor Group, Chairman Koo Kwang-mo of LG, Chairman Shin Dong-bin of Lotte, Chairman Koo Ja-eun of LS, and President Roh Tae-moon of Samsung Electronics, as well as over 20 Indonesian business representatives. Chairman Chung Eui-sun, in his welcoming speech, stated, “Indonesia was the first country where Korea initiated overseas investment in 1968. The economic cooperation between our two countries will serve as a model case for the world to follow.”
Both countries signed an MOU to strengthen their comprehensive cooperation across various sectors, including nuclear power, energy, minerals, healthcare, mobility, and distribution. Korea Nuclear Association will cooperate with the Indonesian Nuclear Association to facilitate Indonesia’s goal of introducing 1 gigawatt (GW) of new SMRs by 2039. The Korea Institute of Geoscience and Mineral Resources will establish a joint research center for critical mineral supply networks with the Bandung Institute of Technology in Indonesia. In the context of carbon neutrality initiatives, Doosan Enerbility will support the eco-friendly facility conversion of Indonesia’s Jawa and Suralaya thermal power plants. Additionally, the Korea National Oil Corporation and Indonesia’s state-owned petroleum company Pertamina will collaborate on a Carbon Capture and Storage (CCS) project to transform an Indonesian offshore gas field into a carbon storage facility.
Korea’s LS Electric has decided to establish a joint venture with the Indonesian company Symphos for transformer manufacturing. HD Hyundai Construction Equipment will supply engines and construction machinery for mining to Indonesia’s Petrosea. Sun Medical Center has signed an agreement for a consignment operation of the Sanglah Hospital.
The Chief Economic Adviser to the President’s Office, Choi Sang-mok, identified “expanding into new markets” as the key economic keyword for this bilateral visit. He stated, “Indonesia, as a resource-rich country with rapid growth in the manufacturing sector, will become a promising partner for us in terms of global supply chain expansion.”
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