S. Korea, Indonesia sign MOUs on investment, supply chains

South Korea and Indonesia on Monday signed 10 memorandums of understanding (MOUs) meant to enhance bilateral investment and economic cooperation, Seoul’s industry ministry said.

The signing ceremony was held during a business summit in Bali, which brought together some 40 government and corporate officials from the two nations, including Hyundai Motor Group Chairman Euisun Chung and Rhee In-yong, president of Samsung Electronics Co., according to the Ministry of Trade, Industry and Energy.

The event was held on the sidelines of a Group of 20 summit.

Of the 10 agreements, six were clinched between the two governments which call for the launch of high-level dialogue on investment, enhancing cooperation on digital fields and supply chains, and joint efforts for green growth, maritime transportation, infrastructure, and cooperation among smaller businesses, according to the ministry.

Hyundai Motor signed two MOUs on mobility partnership with the Indonesian government regarding Jakarta’s capital relocation project, and South Korean information technology service provider LG CNS also clinched a separate MOU with the Nusantara Capital City Authority on the creation of a smart city regarding the relocation plan.

The agreement between Seoul’s mine and mineral association and an Indonesian association on nickel called for enhanced cooperation on supply chains of key minerals, the ministry added.

“The event carries significance, as President Yoon Suk-yeol proposed the elevation of the South Korea-Association of Southeast Asian Nations relations to the comprehensive strategic partnership during a summit in Cambodia last week,” the ministry said.