Seoul: South Korea's Industry Minister Kim Jung-kwan met with Indonesia's coordinating minister for economic affairs, Airlangga Hartarto, on Wednesday, and discussed ways to expand the countries' cooperation in supply chains for energy and other key resources, the industry ministry said. The ministerial-level meeting was held on the sidelines of a summit between South Korean President Lee Jae Myung and Indonesian President Prabowo Subianto, who is on a three-day state visit to Seoul.
According to Yonhap News Agency, Kim expressed gratitude to Hartarto for Indonesia's stable supply of liquefied natural gas (LNG) and requested continued support amid severe energy supply disruptions caused by the ongoing Middle East crisis. South Korean companies, including steel giant POSCO, are projected to receive around 820,000 tons of LNG from Indonesia this year, sufficient to run all LNG power plants in the country for approximately 12 days, as reported by the Ministry of Trade, Industry and Resources. Kim also urged the Indonesian government to improve the investment climate for South Korean businesses, particularly in areas related to automotive tax incentives.
On the sidelines of the South Korea-Indonesia summit, the two countries signed two memorandums of understanding (MOUs) focused on economic cooperation and reinforced partnerships in the supply of key resources. Under an MOU signed by the industry ministry and Indonesia's energy ministry, the countries aim to enhance bilateral cooperation in the development and refinement of critical minerals, as stated by the ministry.