- Agreed to sign MoU on the offshore plant service and expand the scope of bilateral cooperation on marine environment -

 The Ministry of Oceans and Fisheries of the Republic of Korea(Minister MOON, Seong-Hyeok) and the Coordinating Ministry of Maritime Affairs and Investment of the Republic of Indonesia (Coordinating Minister Luhut Binsar Pandjaitan, hereinafter ‘Indonesia’) announced that the both sides signed an MoU on bilateral cooperation in the field of ‘offshore plant service’ and discussed the areas of bilateral cooperation in the fields of oceans and fisheries via hosting a ministerial meeting between the two ministers, on October 13(WED) in Jakarta, Indonesia.

 The MoU is established as a driver to earnestly implement the areas of bilateral cooperation in the field of offshore plant service which has been discussed previously at the ‘KOR-IND Bilateral Maritime Dialogue‘. Indonesia is the largest hub for offshore plant service in Southeast Asia, for more than 600 offshore plants. The Indonesian government is actively driving projects at the national level, including decommission•re-utilization project of old offshore plants and energy transition to the renewables such as LNG, with much potential for investment in the field of offshore plant.

The two countries plan to develop joint technologies related to the offshore plant service sector, as well as cooperate in further fields such as promoting exchanges in the private sector, and decommission•re-utilization project.

As an official commencement of full-fledged cooperation, the two countries will push for a joint pilot project by 2025, initiating the decommission of 3 old offshore plants in the Eastern Kalimantan. With that said, it is expected that Korean companies build up their track-record in the offshore plant decommissioning industry, laying the foundation of entry to the global market for offshore plant worth around 300 billion dollars.

Meanwhile, prior to the signing ceremony of the MoU, Minister MOON, Seong-Hyeok of Oceans and Fisheries was joined by Coordinating Minister Luhut Binsar Pandjaitan of Maritime Affairs and Investment, further discussing ways of cooperation at the 2021 UN Climate Change Conference(COP26; Conference of Parties). In addition, Minister MOON called for Indonesia’s support for Korea to become the hosting country of COP28.
Moreover, the two ministers agreed that the KOR-ASEAN Ministerial Meeting of Oceans and Fisheries shall be established at the earliest opportunity, engaging the Republic of Korea and 10 ASEAN countries. As 9 out of 10 countries in ASEAN are marine countries adjacent to the sea, the region is expected to lead international efforts to resolve major issues related to the ocean including marine debris, fishery resources management and carbon neutrality.

 In addition, the two nations agreed upon expanding the scope of bilateral cooperation in fisheries farming and technological exchanges of ocean science via ‘KOR-IND Marine Technology Cooperation Research Center’, while actively conducting joint research and expert exchanges to preserve and utilize blue carbon resources such as mangrove forests and tidal flats. Indonesia has the world’s largest mangrove forest, and Korea has one of the world’s top five tidal flats, expected to provide much help in achieving carbon neutrality and respond flexibly to Climate Change.

 Minister MOON, Seong-Hyeok of Oceans and Fisheries of the republic of Korea cited, “With both countries agreed to expand the bilateral cooperation in the marine-related industries and marine environment and shared consensus on the establishment of the KOR-ASEAN Ministerial Meeting, I believe the two nations have drawn constructive outcomes which serve as the foundation of further cooperation between Korea and ASEAN countries“. He also added, “Korea will stay committed to achieving co-prosperity via the ocean with other ASEAN countries including Indonesia“.