Minister for Trade Dukgeun Ahn and Indonesia’s Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan attended a signing ceremony on September 7 for the signing of a total of 16 agreements, including a memorandum of understanding (MOU), between Korean and Indonesian companies during the Business Roundtable held on the occasion of Korean President Yoon Suk Yeol attending the ASEAN Summit 2023 in Jakarta.

Approximately 40 representatives of the two countries' economic groups, major corporations, SMEs and middle market companies attended the event to discuss economic cooperation outcomes from the last half-decade and to establish a new cooperation base for further growth over the coming half-decade in areas like small modular reactors (SMRs) and critical minerals.

Trade Minister Ahn and Minister Pandjaitan attended the signing of one MOU for cooperation in nurturing a nuclear energy industrial base, two agreements for electric two-wheelers and integrated parking solutions in the mobility sector, two agreements for establishing joint R&D centers in critical minerals and supply chain, one agreement for biodegradable “white bio” in resources recycling, five agreements in electric power and clean energy for eco-friendly equipment, green ammonia, CCS (carbon capture and storage) and electric power devices, three agreements for root industries, construction equipment and fashion retailing, and two agreements in healthcare policies for health facilities consignment and ASEAN policy research.

The Korean government plans to closely cooperate with the Indonesian government for the smooth implementation of follow-up measures to the above MOU and agreements by introducing tailored incentives and providing official development assistance (ODA) support.