Minister of Knowledge Economy Sukwoo HONG traveled to Indonesia and Malaysia last week to strengthen economic ties with two of Korea’s most important Southeast Asian partners.

During the visit, Minister HONG and his Indonesian counterpart, Coordinating Minister for Economic Affairs Hatta Rajasa, presided over the first meeting of the Korea-Indonesia Economic Cooperation Committee. Previously, Korea had agreed to be Indonesia’s major partner in the implementation of the Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development Through 2025 (MP3EI). The Joint Committee was established to facilitate that partnership, which will involve cooperation on large-scale projects concerning steel, energy, infrastructure, agriculture and the environment.

At the meeting, both countries agreed to set up a consultative body to discuss financing for the projects. They also launched a Joint Secretariat—which consists of government officials from each country responsible for the different cooperation sectors—to more effectively coordinate the implementation of Indonesia’s Master Plan.

Prior to the visit to Indonesia, the Minister went to Malaysia for a two-day visit to enhance bilateral cooperation on energy and trade. Minister HONG and his Malaysian counterpart, Minister of Energy, Green Technology and Water Dato Sri Peter Chin Fah Kui, discussed green technology, oil and LNG. During a separate meeting with Minister of International Trade and Industry Dato Sri Mustapa bin Mohamed, Minister HONG agreed to establish a long-term cooperation plan to reinforce trade and investment ties between the two countries.

* Released by the Southeast Asia and Oceania Division; the Components and Materials Division; the Mineral Resources Development Team; and the Nuclear Power Plant Cooperation Division