South Korea and Indonesia signed 14 initial agreements and two contracts Thursday to boost bilateral cooperation on nuclear power generation, mobility, major minerals and various other industry fields, Seoul’s industry ministry said.

The memorandums of understanding (MOUs) and contracts were signed during a business roundtable held in Jakarta earlier in the day, as President Yoon Suk Yeol visited the Southeast Asian country for an East Asia Summit, according to the Ministry of Trade, Industry and Energy.

In detail, the nuclear power associations of the two nations signed an MOU that calls for exchanging information on their nuclear power generation and stronger cooperation on nurturing talent.

The focus will be on small modular reactors (SMRs), as Indonesia is pushing to introduce new SMRs by 2039, the ministry said.

In the mobility sector, two MOUs were signed, including one between South Korea’s Kakao Mobility Corp. and Indonesia’s Soul Parking on their operation systems and solutions.

Of the two agreements on key minerals, one is meant to jointly develop a value chain in utilizing major minerals and promote information and personnel exchanges between the state-run Korea Mine Rehabilitation and Mineral Resources Corp. and Indonesia’s nickel association.

Indonesia is rich in major industry minerals, including nickel and rare earth elements.

The remaining agreements are on enhanced bilateral ties in electricity, clean energy, machinery and healthcare industries, among other fields.

Of the two contracts, one was made between LS Electric Co. and Indonesia’s Symphos Electric regarding a transformer manufacturing unit, and the other deal was for the operation of an Indonesian medical center in Bali by a South Korean entity, the ministry said.

“The MOUs will serve as a basis for South Korea and Indonesia to work more closely in major industry fields with greater growth potential,” the ministry said in a release.

Source: Yonhap News Agency