"Indonesia has great potential for mineral resources, which have a vital role (to play) in economic growth. We urge entrepreneurs to participate in the efforts to increase added value for future development, such as batteries and storage," the special staff of the Energy and Mineral Resources Ministry for the acceleration of industrial development in the energy and mineral resources sector, Agus Tjahajana Wirakusumah, stated in the Indonesia-Korea Future Industry Business Plaza 2022 hosted here on Wednesday.
Wirakusumah said that in 2002, Indonesia and South Korea had established cooperation in the energy and mineral sector.
The two states had various potentials for cooperation in the fields of electricity, renewable energy, and minerals. One of the collaborations that had been agreed upon is a pilot project for charging systems to support development of the electric vehicle ecosystem in Indonesia.
Indonesia had also collaborated to pursue development of critical minerals, in particular, exchanging information on the management of critical mineral resources, Wirakusumah added.
On the same occasion, President of Southeast Asia-Oceania Head Office Korea Trade-Investment Promotion Agency (KOTRA) Jongseob Lee expected relations between South Korea and Indonesia -- the only Southeast Asian member of the G20 -- to be improved.
Lee opined that as Indonesia-Korea relations drew closer to the 50-year mark, the value of trade between the two countries had increased by 100 folds. All of that could be achieved by mutually beneficial trade and investment, he affirmed.
"Towards the (marking of the) 50th anniversary of Indonesia-Korea (relations), economic cooperation between the two countries will open a new page," he remarked.
Director General of Korea Trade-Investment Promotion Agency Jakarta Jang-hee Lee said that his administration contributed in bridging the gap between South Korean and Indonesian companies to establish economic cooperation, especially in terms of the export, import, and investment aspects.
"South Korea will continue to collaborate with high-tech industries, such as electric vehicles and secondary batteries, as part of Environmental Social Governance (ESG) to support Indonesia's sustainability policies," Lee stated.
Indonesia was an important partner for South Korea, especially in the ASEAN region. The trade value of South Korea and Indonesia was recorded at US$15.3 billion during the period from January to July 2022. This figure grew 49.3 percent as compared to US$10.2 billion during the corresponding period in 2021.
This achievement made the country South Korea's partner with the second-largest trade value in the ASEAN scope.
The commodities mainly traded between the two were mineral fuel, mineral oil and products; electrical machinery and equipment; and steel; ore, slag, and ash; and plastic.
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Translator: Ade Irma J, Mecca Yumna
Editor: Sri Haryati
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