- CEO Koo Hyek-seo delivers opening remarks at ‘Korea–Indonesia Business Forum’, emphasizing private-sector economic cooperation

- Signs MOU with Indonesia’s largest power generation company for renewable energy cooperation

- Continues to advance its business portfolio and explore new growth opportunities in strategic market Indonesia

LX International emphasized the importance of private-sector economic cooperation between Korea and Indonesia in an opening speech at an official event held on the occasion of Indonesian President Prabowo Subianto’s state visit to Korea. The company also signed a memorandum of understanding (MOU) with the country’s largest power generation company to expand its renewable energy business in Indonesia.

Koo Hyek-seo, CEO of LX International, highlighted the long-standing cooperative relationship between the two countries in his opening remarks at the ‘Korea–Indonesia Business Forum’ held at The Shilla Seoul in Jangchung-dong on the 1st April, emphasizing that “private-sector-led economic cooperation is the key driver of bilateral relations.”

He added, “At a time when global economic uncertainty is intensifying, the role of the business community in both countries is becoming increasingly important,” expressing hope that “this forum will serve as an opportunity to derive practical solutions to overcome challenges wisely on the basis of a stable framework for cooperation.”

Until last year, Koo led LX International’s overall operations in Indonesia as Head of Indonesia Region Representative, and he currently serves as the Korean Chair of the ‘Korea–Indonesia Private Economic Cooperation Committee’.

In addition, LX International signed a memorandum of understanding (MOU) with PT PLN Indonesia Power (PLN IP) for cooperation in developing renewable energy projects at the forum. The signing ceremony was attended by Paik Poong-ryeol, New Growth Business Division Leader (Vice President) at LX International, and Julita Indah, Senior Vice President of PLN IP, who exchanged the agreement.

PLN IP is Indonesia’s largest state-owned power generation company, responsible for electricity production as well as the operation and maintenance of power plants, and is accelerating the expansion of renewable energy generation in line with its goals of carbon neutrality and a transition to environmentally friendly energy.

An LX International official stated, “This agreement is meaningful in that it lays the foundation for expanding our renewable energy business in Indonesia,” adding, “it represents a strategic partnership aimed at responding to a policy environment in which increasing power demand and the expansion of renewable energy are being pursued as national priorities.”

He added, “Through joint research, the two companies will proactively review promising renewable energy generation projects in Indonesia and discuss their phased commercialization potential.”

LX International has been expanding its business into the renewable energy sector, leveraging its accumulated experience and local network in Indonesia—one of its key strategic markets—through resource development and independent power producer (IPP) projects, including nickel mines, palm plantations, and hydropower plants.

In February, the company secured approval from the Indonesian government for a carbon credit project under the Paris Agreement Article 6.4 mechanism, based on emissions reductions achieved through the operation of the Hasang Hydropower Plant, thereby establishing a foundation for monetizing related projects. Building on this achievement, LX International is gradually expanding its business scope to include initiatives such as biogas power plants at palm plantations and solar power projects utilizing reclaimed mine sites.

LX International will continue to further advance its business portfolio in Indonesia and accelerate the development of new business opportunities to drive sustainable growth. (End)

(Photo 1) Koo Hyek-seo, CEO of LX International, delivers opening remarks at the ‘Korea–Indonesia Business Forum’ held at The Shilla Seoul on the 1st. Koo also serves as the Korean Chair of the ‘Korea–Indonesia Private Economic Cooperation Committee’.

(Photo 2) Paik Poong-ryeol, New Growth Business Division Leader at LX International (third from left), and Julita Indah, Senior Vice President of PLN Indonesia Power (second from left), pose for a commemorative photo after signing an MOU for renewable energy cooperation at the ‘Korea–Indonesia Business Forum’ held at The Shilla Seoul on the 1st April.