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S. Korea, Indonesia discuss partnership in development of key minerals

By Yonhap

Published : May 22, 2024 - 10:42

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Industry and Trade Minister Ahn Duk-geun speaks during the South Korea-Cambodia Business Forum at the Korean Chamber of Commerce and Industry in Seoul on Thursday. (Yonhap) Industry and Trade Minister Ahn Duk-geun speaks during the South Korea-Cambodia Business Forum at the Korean Chamber of Commerce and Industry in Seoul on Thursday. (Yonhap)

South Korea's industry ministry said Wednesday it has shared ideas with Indonesia on expanding bilateral cooperation in the development of a stable supply chain for key minerals.

Industry Minister Ahn Duk-geun met with Airlangga Hartarto, the coordinating minister for economic affairs of Indonesia, in Seoul to discuss ways to broaden the economic partnership, according to the Ministry of Trade, Industry and Energy.

During the meeting, South Korea and Indonesia agreed to expand ties, including building a stable supply chain for key minerals as well as other global agenda items, including efforts to cut greenhouse gas emissions.

The ministry noted that such cooperation with Jakarta is significant, considering Indonesia has been posting annual economic growth of around 5 percent, backed by its rich mineral reserves.

Ahn also asked Airlangga to continue paying close attention to South Korean firms operating in the Southeast Asian country, as they have been contributing to the Southeast Asian nation's economy.

In detail, Ahn asked the Indonesian government to consider expanding incentives for electric vehicles produced locally by South Korean companies.

The two countries vowed to further utilize the bilateral Comprehensive Economic Partnership Agreement, as well as global platforms such as the Regional Comprehensive Economic Partnership, to further bolster ties, the ministry added.

The CEPA is a type of free trade agreement, which emphasizes a broader scope of economic cooperation and exchanges on top of market opening. The agreement with Indonesia went into effect in January 2023. (Yonhap)