President Joko Widodo set the goal of becoming one of the world's top five economies by 2045. It is also the largest country in ASEAN in terms of economic size, territory and population. Indonesia boasts the world's largest nickel reserves and is called a “key link in the electric vehicle supply chain” in the industry. Hyundai　Motor　Chairman　Chung　Euisun　(center)　visits　Hyundai　LG　Indonesia　Green　Power This year, the two countries marked the 50th anniversary of the establishment of their diplomatic ties. The summit was held on the sidelines of Yoon's state visit to Indonesia for the ASEAN summit 2023 and also came six months after both leaders sat down for a bilateral meeting in Hiroshima, Japan during the G7 summit in May. “We have no choice but to become a key partner country.' “Indonesia is realizing a clearly guaranteed rule of law based on liberal democracy and market economic order,” Yoon said during the summit. Hyundai Motor Group is producing EVs such as the IONIQ 5 at its Indonesia-based plant, which came online last year. President　Yoon　Suk　Yeol　(left),　Indonesian　President　Joko　Widodo　shake　hands　in　a　presidential　palace　in　Jakarta　on　Sept.　8Ībout 2,000 Korean companies, including Hyundai Motor Co., POSCO Holdings Inc., and Lotte Chemical Corp., are operating in the largest EV market in Southeast Asia. Indonesia also has been overdue for its contribution to the 8.8 trillion won ($6.6 billion) joint fighter jet development program with South Korea. have joined the consortium.īut the project has been delayed since an MOU was signed in 2019. is preparing to break ground on a $9.8 billion battery plant in Indonesia this year. The bilateral meeting came as a Korea-Indonesia consortium led by LG Energy Solution Ltd. In that regard, both leaders agreed to establish or improve regulatory systems that restrict shipments from one country to the other, including Indonesia’s import volume restrictions, certification systems and trademark infringement. Seoul is keen to ramp up exports to the Southeast Asian country, while securing core minerals for batteries from the resource-rich country on a stable basis. 8, South Korean President Yoon Suk Yeol and his Indonesian counterpart Joko Widodo signed six memoranda of understanding for business cooperation, including creating an EV ecosystem and selling halal food. In a summit meeting held in Jakarta on Sept.

JAKARTA, Indonesia - South Korea and Indonesia have affirmed their committment to expanding the scope of business cooperation from high tech to food industries, including electric vehicles, batteries, bio, agricultural machinery, petrochemicals and steel, the South Korean presidential house said on Friday. South　Korea-Indonesia　summit　in　Jakarta　on　Sept.　8,　2023　(Courtesy　of　Presidential　House)

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