Indonesia encourages S Korea to develop EV ecosystem with ASEAN

Indonesian Foreign Minister Retno Masurdi encouraged South Korea to cooperate with ASEAN in the development of electric vehicles (EVs) at the recent ASEAN Post Ministerial Conference (PMC) with South Korea in Vientiane, Laos.

This is a follow-up to the ASEAN Plus Three Leaders' Statement on the Developing Electric Vehicle Ecosystem agreed upon by the Leaders of ASEAN Plus Three (China, Japan, and South Korea) last year, during Indonesia's chairmanship of ASEAN.

According to the Indonesian diplomat, to create a greener region in the future, it is important for ASEAN to be able to enhance its capacity in using and creating the latest technology, especially EVs.

Masurdi suggested ASEAN-South Korea cooperation in the area could be carried out through leveraging the comparative advantages of ASEAN member states, diversifying investments, especially for electric vehicle infrastructure, developing technical standards, attracting private sector participation, and creating a strong electric vehicle ecosystem and supply chain.

The ASEAN electric vehicle market continues to grow. This year, its value reached $1.14 billion. By 2029, this market is projected to reach $4.70 billion.