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Korea and Indonesia to strengthen supply chain and clean energy cooperation 2022-11-09

The Ministry of Trade, Industry and Energy (MOTIE) held the 13th Korea-Indonesia Energy Forum via videoconferencing on November 8 with Indonesia’s Ministry of Energy and Mineral Resources.

Rich in nickel, tin, and bituminous coal, Indonesia is an important country to Korea in terms of strategic cooperation in resources supply chain. As of 2021, Indonesia has the largest amount of nickel reserves (21 million metric Tons) in the world, and second largest amount of tin (0.8 million metric Tons). It also is the leading exporter of bituminous coal (no. 1 with 454 million metric Tons) and natural gas (no. 8 with 10.8 million metric Tons).

The two countries have utilized the Korea-Indonesia Energy Forum as their official channel for close cooperation in energy and resources policy exchange and joint projects by holding it on an annual basis.

The 13th forum consisted of three sessions.

Session One was devoted to resources supply chain cooperation, including Indonesia’s “International Bid Plans and Oil & Gas Development Policy” and “Oil and Gas Exploration Joint Project Opportunity,” followed by Korean companies’ new exploration projects.

The two sides plan to enhance the stability of their supply chain based on the Korea-Indonesia Critical Minerals Cooperation MOU signed this February. Moreover, a Korea-Indonesia critical minerals joint R&D Center will be established for development of nickel and rare earth elements through their academia, industries and R&D institutions working in tandem.

Session Two covered clean energy cooperation plans, including MOTIE’s smart grid policy and Indonesia’s renewable energy policies, and the need to expand clean energy cooperation for climate change response.

Session Three addressed measures for building a sustainable collaboration base for technology and people-to-people exchange. By renewing the MOU for energy security management and comprehensive cooperation, Korea and Indonesia will continue furthering their exchange in areas like electrical and gas safety information and policy consulting.

MOTIE’s Energy Industry Deputy Minister Cheon Young-gil emphasized that Indonesia and Korea are optimal partners, with Indonesia’s top nickel production and being fourth largest supplier of minerals to Korea, and Korea’s competitiveness in mineral mining and smelting technology.

He added that “the diverse agenda items discussed in this forum will contribute to building the energy supply chain and carbon neutral, as well as deepening bilateral and mutually beneficial cooperation.”