[Unofficial Translation]

Business leaders from the Republic of Korea and Indonesia, I am glad to meet you all.

It is a great pleasure and honor to see you at this meaningful gathering to discuss our two countries’ vision for economic cooperation.

One of the main reasons why world leaders frequently convene for various bilateral and multilateral meetings is to enable entrepreneurs and businesses around the world to conduct their operations seamlessly and work with one another. This spurs business growth and creates many more jobs and, in turn, provides welfare and wellbeing for the people.

I have already met with Indonesian President Joko Widodo four or five times since I took office last year. I have seen up close how hard he has been working to attract foreign investment to Indonesia, promote Indonesian exports and foster domestic businesses. I am also grateful to Indonesian government officials for successfully hosting the ASEAN-related summits this time.

Thanks to our business leaders’ hard work, our bilateral relations have seen remarkable progress in just 50 years since the establishment of diplomatic ties. Last year, trade between our two countries reached US$26 billion despite the global economic downturn, and the number of Korean businesses operating in Indonesia now exceeds 2,000. The figure is not important; what matters is that every single one of them is a robust business.

Cooperation between our two countries now needs to aim for qualitative rather than quantitative expansion. The manufacturing-focused industries of the past have now been rapidly digitalized, and many have been reclassified into high-tech sectors. At last year’s ASEAN related Summits, I unveiled the Korea-ASEAN Solidarity Initiative and the Strategy for a Free, Peaceful and Prosperous Indo-Pacific Region. Both have at their core three visions – freedom, peace and prosperity. Indonesia is a key partner in our strategies toward ASEAN and the Indo-Pacific region. Based on our Comprehensive Economic Partnership Agreement that took effect this January, the Republic of Korea and Indonesia must pursue a strategy that will advance our partnership over the next five decades.

More than anything else, cooperation in cutting-edge industries and supply chains must be significantly strengthened amid the quickly changing global industrial landscape. Indonesia is the largest economic powerhouse within ASEAN and home to critical minerals. There is great potential for collaboration with Korean businesses that lead in the sectors of electric vehicles, batteries and other high-tech industries.

In addition, the “Made in Indonesia” electric vehicles that our countries jointly produced can be seen as a perfect example of such high-tech industrial cooperation. Both governments will do everything in our power to ensure that these joint projects proceed as planned.

As a leading country in ASEAN, Indonesia is also our country’s main partner when responding to the global agenda. Korea has pledged to achieve carbon neutrality by 2050 and Indonesia by 2060. Our bilateral cooperation in the nuclear energy field – including small modular reactors – is expected to begin in full scale to respond to the climate crisis and other environmental issues, and secure a stable energy supply.

Young people are the future of our two countries. Yesterday, I met young business leaders in start-up sectors of Korea and Indonesia. I was genuinely reassured that the future of our countries and industries would be in good hands.

Honestly, I was very surprised to see just how much Indonesians, in particular the young ones, are into K-pop and K-food. At the event for young entrepreneurs yesterday, I thought the MC was Korean. In the early part of the event, however, she said her Korean was not very good and asked for our kind understanding. Only then did I realize that she was Indonesian. Having trained herself to become a K-pop singer for several years in Korea, her Korean sounded almost like a native speaker. We will help young Koreans learn Indonesian and also significantly enhance our Korean language education system, so young Indonesians will be able to learn Korean more conveniently.

The Korean and Indonesian governments will work together to facilitate exchanges among the young and future generations of both countries in various fields beginning with culture and on to education, commerce and the creation of new businesses.

I told the young people yesterday, “Your businesses know no borders or nationalities. The Republic of Korea now has no intention to use you as a source of tax revenue or profits when you come to our country and engage in business.

Such monetary gains are not important. Your commitment to take on challenges and your creative minds will raise the Republic of Korea to a new height. Thus, without regard for nationalities or borders, we will fully support young Koreans who aim to go abroad and young foreigners who come to our country.”

I was told that there is an Indonesian proverb, “Whether a load is light or heavy, we’ll carry it together.” I believe that this is a phrase that expresses well the relationship between our two countries, which have always stood side by side over the past 50 years in small and large matters through thick and thin. I hope that today’s business roundtable will serve as an opportunity to deepen the friendships between business leaders from both countries. I am very grateful to the officials and staff of the Korea Chamber of Commerce and Industry and the Indonesian Chamber of Commerce and Industry for organizing this event.

I will be a reliable supporter of business leaders. This is the most important part of my job as President. Terima kasih, thank you.