Indonesian President Joko Widodo and South Korean President Moon Jae-in met in Blue House, Seoul on Monday (10/09) - Photo by President Office

JAKARTA (TheInsiderStories) – Indonesia and South Korea has signed 15 15 memorandums of understanding (MoU) and six investment commitments  worth of US$6.2 billion on Monday (10/09) at Blue House, Seoul. In the last meeting on November 2017, both countries signed potential investment and trade with total amount of $2 billion.

The signing MoUs and agreements witnessed by Indonesian President Joko Widodo and South Korean President Moon Jae-in. Widodo visit to South Korea marks the establishment of 45 years of diplomatic relations between Indonesia and South Korea.

The two leaders agreed to commemorate the 45th year of diplomatic relations by further strengthening the relations between the two countries, especially in the economic field. Indonesia and South Korea, according to President Widodo, target trade with a value of up to $30 billion in the next 2022.

“In the midst of a lot of uncertainty in the world, Indonesia and South Korea are able to record increasingly strong relations. Our 2017 trade is up 20 percent,” he said.

President Moon said that the two countries would continue to activate exchanges or negotiations between high officials including at the summit and policy negotiations. He said, since last year’s summit, the two countries actively cooperated in various fields.

He also appreciated the efforts made by the Indonesian government in supporting the realization of peace on the Korean Peninsula. In particular, he hopes that Indonesia will become a non-permanent member of the United Nation Security Council to continue to seek peace on the Korean Peninsula and other parts of the world.

“I express my deepest appreciation to President Widodo for his services in building peace in the Korean Peninsula as it has invited leaders of South and North Korea,” said Moon.

The Head of Investment Coordinating Board Thomas Trikasih Lembong said, with 15 MoUs and six investment commitments were signed are expected the sentiment of external business actors towards the national market can be better.

He also welcomed efforts to increase cooperation and investment from South Korea in the main industrial and automotive sectors. “Of course this must be
responded positively, moreover these collaboration can target the ASEAN and Australia market, “he continued.

The cooperation between South Korea and Indonesia, especially in the automotive sector, is expected to be achieved support the automotive industry masterplan in Indonesia and can grow the industry components and supply chain in the country.

The following is the overall memorandum of understanding that was successfully achieved by the two countries at the meeting:

1. Memorandum of Understanding concerning cooperation in the field of immigration

2. Memorandum of understanding regarding cooperation in the economic field

3. Memorandum of understanding regarding cooperation in the field of human resource management

4. Memorandum of understanding regarding cooperation between the Secretariat of the Cabinet of the Republic of Indonesia and the Ministry of Government Legislation of South Korea

5. Memorandum of understanding regarding cooperation in the field of maritime security

6. Memorandum of understanding regarding cooperation in the field of activities related to industry 4.0.

Email: linda.silaen@theinsiderstories.com

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The Insider Stories Founder Linda Silaen has a solid, proven history, established over more than a decade as a journalist with a leading internasional news organization, of being the first with the biggest economic news stories in Indonesia. Specializing in corporate news, Linda is also a veteran of some of the biggest macroeconomic and general news stories as Indonesia rapidly transforms into a major market economy. One of the founders of the original blog from which this company developed, Linda’s knowledge of investors’ information communications and data us developed from unrivaled networking skills that make her a well-known name among CEOs, bankers, government officials and private equity investors both in Indonesia and other countries.

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