The Indonesian government continues to improve bilateral cooperation with South Korea in various fields, especially in the industrial sector. Whether it’s an increase in trade or investment.
In order to open up opportunities for greater synergy between the two countries, the Indonesian Minister of Industry (Menperin) Airlangga Hartarto held a meeting with South Korea’s Minister of Trade, Industry and Energy (MoTIE), Sung Yun Mo.
“This meeting was for the follow-up leaders meeting, who also followed up on the Memorandum of Understanding (MoU) in September 2017,” Airlangga said in a written statement on Thursday (6/27).
In general, the business and economic sectors of Indonesia and South Korea have made a lot of progress. Some of the strategic cooperation that has been carried out includes joint task forces to promote economic cooperation. “We have an Indonesia-Korea Comprehensive Economic Partnership Agreement in 2019 which targets bilateral trade to USD30 billion in the next 2022,” he added.
At present the Ministry of Industry has a total of 10 international cooperation agreements with various partners in the Republic of Korea. The six agreements include cooperation between units within the Ministry of Industry and government institutions in Korea.
“In general, the level of implementation of the Ministry of Industry’s cooperation with partners in the Republic of Korea is very good, namely nine out of 10 agreements have been implemented,” he said.
On that occasion, there was also a signing of further cooperation between the Ministry of Industry and the National Research Council for Economics, Humanity, and Social Sciences or the National Research Council for South Korea’s Economic, Humanities and Social Sciences (NRC). This is a derivative agreement on industry-related MoU 4.0 which was signed on September 10, 2018, “he said.
The follow-up cooperation will facilitate the placement of technical experts, including holding industrial implementation 4.0 which will be carried out in five industrial sectors, namely automotive, food and beverage, textile and textile, chemical and electronic products.
“As a follow-up to the MoU, we signed an agreement on the technical cooperation framework with NRC,” he said.
The Minister of Industry also explained the development of industrial investment from South Korea in Indonesia. For example, the Posco steel industry company has invested in the past four years to produce 3 million tons of steel from the blast furnace process to the slab. “We are discussing the 10 million steel roadmap in Cilegon for the year 2025, then building a downstream industry with products such as CRC,” he explained.
Meanwhile, in the chemical industry, Lotte Chemicals has conducted a ground breaking plant with an investment of USD4 billion. “It is hoped that this plant will operate in 2020.” Meanwhile, we discussed with Hyundai Motor Corporation about its investment plan in Indonesia. In principle, we provide support for this investment, “he added.
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27 June 2019