S. Korea, Indonesia vow enhanced ties on key minerals, clean energy

All News 15:00 November 08, 2022

SEOUL, Nov. 8 (Yonhap) -- South Korea and Indonesia agreed Tuesday to expand cooperation on supply chains of critical minerals and clean energy fields, Seoul's industry ministry said.

The consensus was reached during the 13th energy forum held via teleconferencing, which brought together some 40 officials of their governments and related companies, including SK E&S Co., POSCO International Corp. and Samsung Engineering Co, according to the Ministry of Trade, Industry and Energy.

The bilateral forum was launched in 2007 and has been held on an annual basis.

During the meeting, the two sides agreed to push for setting up a joint research center for advanced technologies regarding key minerals to help ensure stable supply chains of the items and to support their businesses' joint projects.

Indonesia is rich in such natural resources as nickel, tin and bituminous coal, and it is the fourth-largest supplier of those minerals to South Korea, according to government data.

The two nations also discussed ways to boost cooperation in energy exploration projects under way in Indonesia, where POSCO and other South Korean firms have taken part in, according to the ministry.

In terms of clean energy, the two nations also sought new business chances, including the construction of a liquefied natural gas plant in Indonesia and carbon capture and storage projects, according to the ministry.

Also on the table were ways to boost personnel exchanges and technology cooperation in the energy and safety management sector, it added.

"Bilateral cooperation is expected to help strengthen the two nations' energy supply chains and achieve net-zero goals," ministry official Cheon Young-ghil said.