Including EV Batteries, Petrochemicals and Steelmaking
South Korean Trade, Industry and Energy Minister Lee Chang-yang and Indonesian Investment Minister Bahlil Lahadalia signed a memorandum of cooperation after the South Korea-Indonesia summit on July 28.
According to the memorandum, the two states will increase investment, exchange and technology sharing for eco-friendly and sustainable economic and industrial activities, expand collaborations in the sectors including, renewable energy, electric vehicle and rechargeable battery, and seek more cooperation between non-large and regional companies.
The two ministries will set up a working-level task force and hold regular meetings so that the memorandum can be implemented as planned.
South Korea and Indonesia are also planning to establish a value chain in which they work together for nickel production, procurement and processing for use in electric vehicle batteries. They are also expected to cooperate in building petrochemical plants and expanding integrated steel mills.