Tuesday, July 16, 2024

Indonesia-South Korea explore nuclear energy, EV ecosystem development

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Coordinating Minister for the Economy, Airlangga Hartarto, met with South Korea’s Minister of Trade, Industry, and Energy (MOTIE) Ahn Duk Geun on Wednesday, May 22, 2024 to discuss bilateral cooperation in nuclear energy and electric vehicle (EV) ecosystem development.

South Korea highlighted the potential collaboration in developing nuclear power plants through the Korea Atomic Energy Research Institute (KAERI), which has advanced Small Modular Reactor (SMR) technology.

These reactors are designed to be safe and produce lower carbon footprints compared to conventional reactors. Airlangga emphasized that small modular nuclear reactors could be an alternative solution for providing electricity, especially in remote or isolated areas.

“The 3rd JCEC meeting this year will be hosted by Indonesia. We invite Minister Ahn to join the JCEC meeting in July in Jakarta,” Airlangga said in a media statement.

The ministers also discussed cooperation in building the EV ecosystem, with investments from Hyundai and LG Energy Solution in Indonesia. Airlangga expressed hope that this ecosystem could deepen and urged Korean support in engaging with the United States to allow market access for products developed in collaboration between LG and Hyundai under the US Inflation Reduction Act (IRA).

The previous 2nd Joint Committee on Economic Cooperation (JCEC) meeting in Seoul in July 2023 resulted in agreements on nickel derivative investments for EV batteries, market access for Indonesian fruit in South Korea, expansion of Lotte’s petrochemical plant, development of the Krakatau Steel – Posco steel cluster, increased market access for Indonesian SMEs through South Korean e-platforms, and cooperation on energy transition and global climate change mitigation technologies, including Carbon Capture and Storage (CCS), hydrogen/ammonia energy production, and hydropower development.

“I am proud and congratulate you on receiving an honorary doctorate from Gyeongsang National University (GNU). It is hoped that as an alumnus, you will influence the enhancement of cooperation activities with Korea,” Ahn said

Airlangga noted that while some collaborations, such as the Lotte petrochemical plant expansion and the Krakatau Steel – Posco steel cluster, are progressing, there are still agreements that need to be pushed forward for immediate implementation.

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