INDONESIA-SOUTH KOREA ENERGY COOPERATION TO TACKLE THE CHALLENGE OF ENERGY SECURITY: A NEW SOUTHERN POLICY APPROACH
Abstract
Indonesia and South Korea are dealing with energy insecurities; The two countries after the COVID-19 pandemic are pursuing economic recovery in the next decade. But economic recovery needs a secure energy supply to support the economic growth, and that compounds vulnerabilities. Pursuing economic growth will increase the two countries energy consumption, while this pressure is not in line with the decreasing capacity of conventional energy production, such as oil and gas. We offer three strategic recommendations through the new southern policy approach, namely bilateral cooperation in investment and trade in oil and gas between Indonesia and South Korea, bilateral cooperation in research and development of renewable energy, and bilateral cooperation in developing Indonesia's capacity to maintain maritime security around the Malacca Strait and other strategic waters through which South Korean gas imports from Indonesia pass. These three recommendations are significant in overcoming energy security challenges and maintaining economic growth between Indonesia and South Korea. The new southern policy must target the interests of the two countries for energy security in the future.
Keywords: Energy Diplomacy, Energy Cooperation, Indonesia, South Korea, A New Southern Policy
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