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SEOUL, July 24 (Yonhap) — South Korea and Indonesia have agreed to increase their cooperation on electric vehicles, batteries, and the supply of major industry minerals, the Ministry of Trade, Industry and Energy of Seoul reported Monday.
This consensus was reached at the bilateral economic cooperation committee meeting in Seoul, which was led by Deputy Trade Minister Jeong Dae-jin and Indonesia’s deputy economic minister, Edi Prio Pambudi.
This follows the summit talks between South Korean President Yoon Suk Yeol and his Indonesian counterpart, Joko Widodo, in which they agreed to reinforce cooperation in high-tech industries, infrastructure, and defense, among other sectors.
During the meeting, the two countries agreed to invest more in the production of EVs and batteries to make joint advances in the Southeast Asian and global markets.
They also committed to collaborating more closely on the supply of essential minerals, such as nickel, since Indonesia is abundant in such natural resources.
To reach their zero-emission objectives, the two sides also agreed to join forces on projects to lower emissions and to build facilities for green hydrogen and solar power production. They will also boost ties in the field of small modular reactors.
“As key economic partners, South Korea and Indonesia have had a solid economic relationship for the past 50 years. It is now time to strengthen the ties by enhancing cooperation on broader issues, such as climate change and supply chains,” the ministry said in a statement.
Seoul and Jakarta are celebrating the 50th anniversary of the establishment of their diplomatic relations this year.
Two-way trade hit a record high of US$24.5 billion last year, up from $18.4 billion in the previous year, according to South Korea’s government data.