A Memorandum of Understanding on sustainable green investments has been signed between Indonesia and South Korea according to recent reporting from Antara News.
Bahlil Lahadalia, head of the Investment Minister and Investment Coordinating Board (BKPM) and the South Korean Minister of Trade, Industry, and Energy Lee Chang-Yang signed the MoU in Seoul, South Korea, in the presence of President Joko Widodo (Jokowi) and South Korean President Yoon Suk-yeol.
“We are committed to consistently providing full support to South Korean investors, (starting) from the licensing to supervision until the realization of their investments. This applies to potential investors and those who already exist in Indonesia,” Lahadalia said on Thursday.
Antara News suggest the collaboration between the two governments aims to improve and enable mutually beneficial cooperation activities, such as investment, technology transfer, and capacity building, to speed up the realization of sustainable green investment.
Minister Lahadalia said that Indonesia and South Korea already enjoy great bilateral relations, especially in investment. According to him, South Korean investors have made a significant contribution to Indonesia by helping realize economic transformation, such as in the development of the electric vehicle ecosystem in Indonesia.
The South Korean Ministry of Trade, Industry, and Energy (MOTIE) will support investment from South Korea, which has the capital and advanced technology to develop sustainable green investments, as well as appropriate technology transfer to the Indonesian government and the private sector.
Minister Lee welcomed the establishment of cooperation with Indonesia.
“We are pleased to be able to contribute to the development of green investment in Indonesia, and we hope that this cooperation can continue to run and be mutually beneficial,” he remarked.
The MoU also covers the promotion and facilitation of investment activities in the industrial and green energy sectors, such as the electric vehicle ecosystem, batteries, semiconductors, and renewable energy.
South Korea’s investment in Indonesia’s electric vehicle ecosystem has been realized through cooperation between a consortium of South Korean companies, which includes LG, Hyundai, KIA, and Posco, with Indonesian state-owned IBC (Indonesia Battery Corporation.)
Source: Antara News