Indonesia and South Korea announced July 24 that the two countries would bolster their cooperation across multiple industries, including the battery sector, the electric vehicles market and mineral supply chains.

The agreement was reached during a bilateral economic cooperation committee meeting held in Seoul, South Korea between South Korean deputy trade minister Jeong Dae-jin and Indonesia's deputy economic minister, Edi Prio Pambudi, according to the Yonhap News Agency.

During the meeting, the two countries agreed to strengthen their investments in EVs and battery production while vowing to work more closely on key mineral supply chains, like nickel, of which Indonesia is a major global exporter.

Both nations also said they would help each other achieve their zero-emissions goals by creating joint projects to cut emissions outputs and build facilities that produce solar power, as well as green hydrogen. Additionally, Indonesia and South Korea will collaborate more within the nuclear small modular reactor sector.

"As key economic partners, South Korea and Indonesia have maintained a solid economic relationship for the past 50 years," said Seoul’s Industry Ministry. "Now is the time to further the ties by enhancing cooperation on broader issues, such as climate change and supply chains."

Two-way trade between South Korea and Indonesia hit an all-time high of $24.5 billion in 2022, up from $18.4 billion in 2021.