Korea-Indonesia Business Forum... Strengthening Economic Cooperation in Electric Vehicles, Nickel, and More

Nine MOUs Signed Between Companies of Both Countries

Korean and Indonesian companies have agreed to strengthen economic cooperation in sectors such as electric vehicles and nickel.

Yeohangoo, Director General of Trade, delivering a greeting at the Korea-Indonesia Business Forum. Photo by Yonhap News.

The Ministry of Trade, Industry and Energy and the Embassy of Indonesia in Korea held the "Korea-Indonesia Business Forum" at the Shilla Hotel in Jung-gu, Seoul, on April 1. The event was organized to mark the official visit of Indonesian President Prabowo Subianto to Korea, and was attended by around 300 people, including government officials and business leaders from both countries.

The core agenda of the forum was to discuss ways to build an industrial ecosystem that combines Indonesia's resources with Korea's technological capabilities. The Indonesian Ministry of Investment, along with POSCO, LG Energy Solution, and Hyundai Motor Company, presented strategies for cooperation in building industrial ecosystems for electric vehicles and steel. In the bio and consumer goods sectors, Indonesia's Danantara and Jaffa, together with Korea's SK Plasma and CJ CheilJedang, discussed partnership strategies. With Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs, and Yeo Han-koo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, in attendance, companies from both countries signed nine memoranda of understanding (MOUs) and three letters of intent (LOIs).

By sector, cooperation was established to secure supply chains for key minerals such as nickel in the energy sector; to develop residential and commercial land in Indonesia in the construction sector; and to create a digital asset trading ecosystem in the financial sector. LX International signed an MOU with PLN Indonesia Power, the country's largest electric power company, for collaboration on renewable energy business development. In his opening remarks, LX International CEO Koo Hyuk-seo stated, "Private sector-led economic cooperation is the key driving force for the development of relations between the two countries."

The government plans to support the achievements in private sector cooperation from this forum so that they can lead to concrete business projects. Yeo Han-koo, Director General for Trade Negotiations, said, "Through this business forum, both countries should achieve mutually beneficial economic cooperation results by expanding trade and investment, fostering manufacturing cooperation, and strengthening supply chains for key minerals, and use this as a foundation for shared growth."

This content was produced with the assistance of AI translation services.