Choo Kyung-ho: "Indonesia's 40 Trillion Won New Capital Relocation Project... Korea's Active Cooperation"

Our government has decided to strengthen cooperation with Indonesia to secure orders for the new capital relocation project, valued at 40 trillion won, which has emerged as a "land of opportunity." The Korean government proposed to Indonesia that a direct communication hotline and fast-track mechanism be established to resolve difficulties faced by companies from both countries.

On the 23rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho discussed this at the "1st Korea-Indonesia High-Level Investment Dialogue" held at a hotel near Seoul. Deputy Prime Minister Choo said, "Korea, with experience in relocating administrative capitals, will actively cooperate in Indonesia's new capital relocation by leveraging expertise in smart cities, future mobility, and IT sectors." The Indonesian government is investing 40 trillion won by 2045 to advance the new capital relocation project, a large-scale initiative encompassing comprehensive city design and infrastructure management.

Deputy Prime Minister Choo evaluated, "Indonesia is Korea's first overseas investment destination and the first country chosen by leading Korean companies for overseas expansion. This is because Indonesia's investment support policies and market environment are friendly and stable for Korean companies." He then outlined the role of the high-level investment dialogue, which discusses revitalizing bilateral investment projects, in three directions: "communication, trust, and cooperation."

Deputy Prime Minister for Economy Choo Kyung-ho is delivering opening remarks at the Emergency Economic Measures Meeting held at the Government Seoul Office Building on the 8th. Photo by Dongju Yoon doso7@

Deputy Prime Minister Choo proposed, "Above all, the two governments should establish a direct communication hotline and a fast track to resolve corporate difficulties and eliminate investment bottlenecks. Let us strive to create reliable investment support policies and tangible results so that companies can trust the outcomes of the bilateral investment dialogue and expand investment opportunities." Furthermore, as agreed upon by the two heads of state, he emphasized diversifying economic cooperation mechanisms in infrastructure, transportation and new capital construction, SME support, mineral supply chains, maritime affairs, and health, and continuously expanding areas of cooperation.

He then discussed solutions to difficulties and cooperation plans for major projects in which Korean companies are investing across four sectors: industry, infrastructure, green and maritime, and health. In particular, in the industrial sector, he requested active policy support from the Indonesian government for Korean companies related to electric vehicle infrastructure cooperation and petrochemical plant construction.

The government stated, "Through this meeting, the fast track to confirm the progress of investment cooperation projects between the two countries and discuss additional tasks has been officially launched. As a result, Indonesia can more actively attract investment from Korean companies, and Korean companies are expected to have expanded opportunities to secure large-scale infrastructure orders."