The economic cooperation between Indonesia and South Korea continues to be intensified, such as through ratification of the Indonesia-Korea Comprehensive Economic Partnership Agreement (IKCEPA), Coordinating Minister for Economic Affairs Airlangga Hartarto stated.
Through an official statement on Wednesday, Hartarto expected that implementation of the IKCEPA agreement could be undertaken in January 2023.
In addition to IKCEPA, Indonesia and South Korea have ratified the Regional Comprehensive Economic Partnership (RCEP) Agreement that will strengthen the two countries’ bilateral relations, especially in the economic, trade, and investment fields.
During the occasion, he also expressed belief that relations and cooperation between Indonesia and South Korea can become stronger in line with the aspirations and wishes of the people of both nations.
Hartarto also congratulated the people and government of South Korea over the commemoration of Korean National Foundation Day (Gaecheonjeol).
In line with the minister’s statement, South Korean Ambassador for Indonesia Park Tae-sung also observed that the friendship and partnership between Indonesia and Korea had grown stronger.
He remarked that it had been an honor to bear witness to Indonesia’s substantial progress in diplomacy, defense, economy, culture, and community relations, specifically during the period of President Joko Widodo’s administration.
The ambassador noted that bilateral relations between Korea and Indonesia had been raised to the level of Special Strategic Partnership, specifically in the electric vehicle and battery sector, which is a showcase for mutually beneficial cooperation.
The close bilateral relations between the two countries is also marked by the Joint Committee on Economic Cooperation (JCEC) Forum routinely held at the ministerial or senior official level from each country.
During the meeting, the two countries discussed and agreed on cooperation in various fields, reflected in four working groups: investment and trade, industry, energy and mineral resources, and e-commerce.
From the bilateral economic relationship standpoint, the total trade between Indonesia and South Korea in 2021 reached US$18.4 billion, or rose by 37.8 percent, as compared to the corresponding period in 2020.
The Korean Republic also ranked seventh as Indonesia’s biggest investor in 2021, with total Foreign Direct Investment (FDI) of around US$1.6 billion.
Source: Antara News