Trade, Industry, and Energy Minister Moon Sung-wook of Korea visited Jakarta, Indonesia through Feb. 20-22 to hold the Korea-Indonesia Business Forum and raw materials supply chain cooperation with his Indonesian counterparts.
One of the goals of this visit was to review the progress made so far since President Moon Jae-in’s state visit in 2017, during which Indonesia expressed commitment to the New Southern Policy.
Moreover, the meeting was substantial as it strengthened the cooperation base for the New Southern Policy Plus, which encompasses future new industries like electric vehicles (EV), charging stations, and secondary batteries, as well as global supply chain cooperation on critical minerals and raw materials.
In his congratulatory message at the Business Forum, Minister Moon announced Policy’s central values, namely the 3Ps (People, Peace, Prosperity) in the presence of ASEAN member states and other countries like India that are relevant to the New Southern Policy.
Korea’s trade with New Southern Policy countries reached USD 200.2 billion in 2021, up 49 percent from 2016, as economic ties are drawing closer through the enlarged FTA network, including the Regional Comprehensive Economic Partnership (RCEP) and Korea-Singapore Digital Partnership Agreement (KSDPA).
Five MOUs were signed during the visit, in areas of critical minerals, EVs, charging station infrastructure, and free economic zones. The Korea-India critical minerals MOU was forged in view of the rising importance of critical minerals supply chain. MOUs on EVs and charging infrastructure, respectively, were also settled with the aim to foster an EV ecosystem, and the MOU on LNG infrastructure development, hydrogen, carbon capture, and storage (CCS) will carry out joint carbon neutrality R&D.