Jakarta. Indonesia zeroed in on energy transition and the regional stability issues at the 24th ASEAN-Korea Summit in Laos on Thursday.

South Korean President Yoon Suk-Yeol, alongside other ASEAN leaders, were present at the summit. Vice President Ma'ruf Amin represented Indonesia at the high-profile gathering.

According to Indonesia, the summit marked a historic moment as they celebrated 35 years of dialogue relations. Indonesia also welcomed the launch of the comprehensive strategic partnership between ASEAN and South Korea.

“This partnership will support the implementation of the ASEAN Outlook on the Indo-Pacific [AOIP] and accelerate ASEAN's achievement of its 2045 vision,” said Ma'ruf.

Indonesia then highlighted two things that are key to achieving those two goals. First is speeding up energy transition as climate change hits the globe. By 2050, ASEAN is estimated to need an investment between $726 million to $1 billion for its renewable energy projects. South Korea is also eyeing ASEAN as a source of renewable energy. This common interest opens up opportunities for more concrete cooperation.

The second step is the stability of the Indo-Pacific region. ASEAN has a geographical advantage that determines the logistics route of trade, especially the Strait of Malacca, which is dense with commercial shipping and energy flows. Regional stability is the main key to ensuring the smooth flow of trade and supply chains. Dialogue and open communication must be prioritized to manage and resolve tensions in the region.

"I welcome the Trilateral Summit last May as an important step towards stability and peace in the region," explained Ma'ruf.

Through the enhancement of comprehensive strategic cooperation between ASEAN and South Korea, it is hoped that innovative partnerships, inclusive funding, and the provision of effective technology can be built to achieve the target of clean and renewable energy development.

Yoon Suk-Yeol made three major commitments in an effort to implement the newly agreed comprehensive strategic partnership. His country vowed to expand cooperation on security and defense issues, including cyber and maritime security. He also called both sides to establish cooperation on digital innovation projects, artificial intelligence, and infrastructure development, to respond to climate change. To this end, Korea proposed the establishment of the ASEAN ROK Think Tank Dialogue. Korea also promised to help ASEAN's human capital development by providing scholarships.

Chief Economic Affairs Minister Airlangga Hartarto --who was present at the meeting-- said that there were many opportunities for cooperation between Indonesia and South Korea.

Indonesia has been an investment destination for Korea, in the fields of electric vehicles (EVs), energy supply, chemical as well as retail sectors. 

"Indonesia needs to take advantage of this great investment interest and Korea's commitment at the ASEAN Summit as the largest economy in ASEAN," Airlangga said.

ASEAN-South Korea trade amounted to $187 billion in 2023, with investment into the region increasing by 2.5 percent (year-on-year).

Both parties are exploring the possibility of upgrading the ASEAN-Korea free trade agreement so it covers digital economy and other aspects that are deemend necessary. Both sides also have what it called the Korea-ASEAN Solidarity Initiative (KASI) to support digital transformation and climate change mitigation initiatives.