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Indonesian president meets S. Korean biz leaders for talks on investment

All News 17:33 July 28, 2022

SEOUL, July 28 (Yonhap) -- Indonesian President Joko Widodo met with top executives of major South Korean companies, including Samsung Electronics Co. and POSCO, in Seoul on Thursday to discuss ways to induce investment, officials said.

Widodo arrived in South Korea on Wednesday for a two-day official visit that includes summit talks with President Yoon Suk-yeol.

Thursday's meeting was attended by Roh Tae-moon, chief of Samsung Electronics Co.'s mobile division; LG Corp. Vice Chairman Brian Kwon; Chairman of CJ Group Sohn Kyung-Shik; and LS Group Chairman Koo Ja-Eun, according to officials of the companies.

During the meeting, they discussed ways to boost investment and cooperation in such major industry areas as steel and batteries.

POSCO and Indonesia's state-run steelmaker Krakatau signed a memorandum of understanding on a US$3.5 billion joint investment over the five years on building a second furnace in the Southeast Asian country.

They already run PT.KRAKATAU-POSCO, their joint venture located in the city of Cilegon with an annual capacity of 3 million tons and a steel plate-processing plant.

Also on Thursday, Widodo met with Hyundai Motor Group Chairman Euisun Chung and said he expects Hyundai to play a major role in promoting electric vehicles and other environment-friendly mobility solutions in Indonesia.

Chung said Hyundai Motor Group's businesses range from complete vehicles, logistics, robotics, to advanced air mobility and hopes partnerships with Indonesia will expand into the cutting-edge mobility fields.

Hyundai Motor Co. completed a plant in Indonesia in March to produce the IONIQ 5 all-electric model and other products.

Ahead of the meeting, business leaders of the two nations held a session to explore ways of deepening cooperation on digital systems and energy, according to Seoul's industry ministry.

"International policy coordination is crucial under fast-changing global economic circumstances," Trade Minister Ahn Duk-geun said during the session.

"The two nations need to strengthen cooperation on the transition to digital systems, renewable energy and health care sectors, among other fields," he added.

This photo, provided by POSCO, shows a signing ceremony for a memorandum of understanding at a Seoul hotel on July 28, 2022, on a US$3.5 billion joint investment between the South Korean steelmaker and Indonesia's state-run steelmaker Krakatau to build a new furnace in Indonesia, with visiting Indonesian President Joko Widodo (L) in attendance. (PHOTO NOT FOR SALE) (Yonhap)

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