Trade, Industry and Energy Minister Lee Chang-yang, left, speaks during South Korea’s business roundtable with Indonesia in Bali on Nov. 14. On his left is Federation of Korean Industries Chairman Huh Chang-soo. Photo courtesy of MOTIE

Bilateral meeting takes place on sidelines of G20

South Korea held a business roundtable meeting with Indonesia on Nov. 14 on the sidelines of the G20 summit convened in the latter country’s resort city Bali.

Trade, Industry and Energy Minister Lee Chang-yang attended the meeting where 10 memorandums of understanding (MOUs) had been signed by public and private parties of the two countries.

The roundtable was co-hosted by the Federation of Korean Industries and the Indonesian Chamber of Commerce and Industry, according to the Ministry of Trade, Industry and Energy (MOTIE).

It was the first event for business leaders held in tandem with an ASEAN country following President Yoon Suk-yeol’s official proposal on Nov. 11 to upgrade Korea-ASEAN relations to a comprehensive and strategic partnership.

Included in the 10 agreements were the ones on Korea-Indonesia economic cooperation MOU amendment (digital partnership), green transition initiative, critical minerals, and infrastructure development cooperation.

“These MOUs are follow-up measures to the Indo-Pacific Strategy announced by President Yoon during the Korea-ASEAN summit, addressing five key areas: digital, supply chain, climate change, development cooperation, and investment,” a MOTIE official said.

Private corporations also inked contracts with Indonesian entities.

For example, Korea’s Hyundai Motor signed an Advanced Air Mobility (AAM) MOU with Indonesia’s Nusantara Capital City Authority and the Ministry of Transportation to assist the capital relocation to East Kalimantan.

Moreover, Korea’s Ministry of Oceans and Fisheries and Indonesia’s Ministry of Transportation signed an MOU on Korea-Indonesia maritime transport cooperation, through which increased collaboration for smart port and maritime transportation safety is anticipated.