{"id":2201772,"date":"2023-07-25T08:00:05","date_gmt":"2023-07-24T23:00:05","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201772"},"modified":"2023-07-24T14:28:49","modified_gmt":"2023-07-24T05:28:49","slug":"south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/","title":{"rendered":"South Korea and Indonesia pledge joint efforts in green tech, eye global markets"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and Indonesia have agreed to <\/span><a href=\"http:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_cd_n=81&amp;cate_n=1&amp;bbs_seq_n=167596\"><span style=\"font-weight: 400;\">bolster their bilateral cooperation<\/span><\/a><span style=\"font-weight: 400;\"> in the electric vehicles (EVs) and battery technology sectors and supply chain management for critical industrial minerals. This commitment was made during a bilateral economic cooperation committee meeting on Monday, reflecting an extension of <\/span><a href=\"http:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_seq_n=167206&amp;bbs_cd_n=81&amp;currentPage=391&amp;search_key_n=title_v&amp;cate_n=&amp;dept_v=&amp;search_val_v=\"><span style=\"font-weight: 400;\">recent high-level talks<\/span><\/a><span style=\"font-weight: 400;\"> aimed at strengthening partnerships across various sectors, including high-tech industries, infrastructure and defense. The countries also expressed their joint ambition to expand investment in EV and battery production, targeting Southeast Asian and global markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The nations further pledged to enhance collaboration in supply chains for vital minerals, notably nickel, leveraging Indonesia\u2019s <\/span><a href=\"https:\/\/www.esdm.go.id\/en\/media-center\/news-archives\/hingga-2018-pertumbuhan-smelter-nikel-masih-nomor-1\"><span style=\"font-weight: 400;\">significant natural resource wealth<\/span><\/a><span style=\"font-weight: 400;\">. As part of their broader environmental commitments, South Korea and Indonesia plan to jointly advance projects to reduce emissions and construct facilities for green hydrogen and solar power production while fostering cooperation in developing small modular reactors (SMRs). Celebrating 50 years of diplomatic relations this year, both countries acknowledged the need to focus on larger issues, such as climate change and supply chain management, to elevate their robust economic relationship. The bilateral trade between the two countries reached a record high of <\/span><a href=\"https:\/\/www.kbiz.or.kr\/download.do?orgalFle=315fed959c2dec9db8eb8f84eb84a4ec8b9cec958420ebacb4ec97adec82b0ec978520ebb984eca688ed8faceb9fbc5fed9484eba19ceab7b8eb9ea820ebb08f20ec84b8ebb680eb82b4ec9aa928323330373134564552292e706466&amp;saveFle=168981346418012193.pdf&amp;fleDwnDs=bbsAttachFile&amp;seq=76484\"><span style=\"font-weight: 400;\">$24.5 billion<\/span><\/a><span style=\"font-weight: 400;\"> last year.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The latest update on South Korea and Indonesia\u2019s expanded cooperation across various sectors underscores economic aspects and reveals strategic interests. This partnership further highlights South Korea\u2019s willingness to overlook Indonesia\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2023\/07\/how-a-payment-dispute-with-indonesia-puts-seouls-defense-export-goals-at-risk\/\"><span style=\"font-weight: 400;\">unfulfilled financial commitment<\/span><\/a><span style=\"font-weight: 400;\"> to their joint KF-21 fighter project, to which Indonesia still owes over $615 million. This seeming flexibility can be understood against the backdrop of Indonesia\u2019s pivotal role as one of South Korea\u2019s most important trade partners in the ASEAN bloc, with trade volumes reaching record highs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This development also highlights South Korea\u2019s strategy to diversify its industrial mineral supply chain. By enhancing collaboration with mineral-rich Indonesia, South Korea aims to lessen its heavy reliance on China, ensuring a more secure and resilient supply chain. Moreover, the presence of large South Korean corporations in Indonesia, including <\/span><a href=\"https:\/\/kemlu.go.id\/portal\/en\/read\/4461\/berita\/indonesia-and-korea-collaborated-to-develop-closer-friendship-and-stronger-partnership-through-enhanced-financial-cooperation#:~:text=Large%20corporations%20from%20Korea%2C%20including,from%20investment%20realization%20in%202021.\"><span style=\"font-weight: 400;\">Hyundai Motor, LG and Lotte Chemicals<\/span><\/a><span style=\"font-weight: 400;\">, underpins the importance of this economic relationship. Notably, in 2022, South Korea became the seventh-largest investor in Indonesia, with total investments reaching $2.29 billion, marking a significant 40.06% increase from 2021. This points to an optimistic trajectory for South Korean-Indonesian economic relations.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea and Indonesia have agreed to bolster their bilateral cooperation in the electric vehicles (EVs) and battery technology sectors and supply chain management for critical industrial minerals. This commitment was made during a bilateral economic cooperation committee meeting on Monday, reflecting an extension of recent high-level talks aimed at strengthening partnerships across various sectors, [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2201773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2201772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea and Indonesia pledge joint efforts in green tech, eye global markets - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea and Indonesia pledge joint efforts in green tech, eye global markets - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and Indonesia have agreed to bolster their bilateral cooperation in the electric vehicles (EVs) and battery technology sectors and supply chain management for critical industrial minerals. This commitment was made during a bilateral economic cooperation committee meeting on Monday, reflecting an extension of recent high-level talks aimed at strengthening partnerships across various sectors, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-24T23:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-24T05:28:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/07\/indonesia.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea and Indonesia pledge joint efforts in green tech, eye global markets\",\"datePublished\":\"2023-07-24T23:00:05+00:00\",\"dateModified\":\"2023-07-24T05:28:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/\"},\"wordCount\":381,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/07\/south-korea-and-indonesia-pledge-joint-efforts-in-green-tech-eye-global-markets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/07\/indonesia.png\",\"keywords\":[\"Business &amp; 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