Bang Gi-seon, Deputy Minister of Economy and Finance, "Indonesia is an Attractive Investment Destination for Korean Companies... Will Expand Synergy Between the Two Countries"

Korea-Indonesia Economic Cooperation Forum on the 50th Anniversary of Diplomatic Relations

Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 24th that "Indonesia, which has abundant resources and young manpower amid the restructuring of supply chains, is an attractive and important investment destination for Korean companies."

On the same day, Vice Minister Bang made these remarks in a congratulatory speech at the 'Korea-Indonesia Economic Cooperation Forum on the Occasion of the 50th Anniversary of Diplomatic Relations' held at the Ambassador Seoul Pullman Hotel.

Since establishing diplomatic relations in 1973, Korea and Indonesia formed a strategic partnership in 2007 and a special strategic partnership in 2017. Bilateral trade, which reached $30.8 billion in 2011, decreased to $13.9 billion in 2020 due to COVID-19 but recovered to around $26 billion in 2022, approaching the 2011 level of $30.8 billion.

Bang Gi-seon, 1st Vice Minister of Strategy and Finance.

Vice Minister Bang explained, "With the Comprehensive Economic Partnership Agreement (CEPA) between Korea and Indonesia coming into effect in January this year, we expect bilateral trade to reach a new record high in the near future," adding, "As various Korean companies in sectors such as automobiles and healthcare focus on Indonesia's potential, Korea's investment in Indonesia has more than doubled rapidly over the past five years."

The government plans to strengthen cooperation for the next 50 years between the two countries. Vice Minister Bang said, "Korean companies, which boast world-class capabilities in steel, automobiles, pharmaceuticals, and healthcare, will be excellent partners investing in Indonesia's potential," and added, "If these mutually complementary countries create synergy through cooperation, it will not only enhance the competitiveness of Korean companies but also jointly drive the development of Indonesia's economy and industry."

Vice Minister Bang identified the 'construction of Indonesia's new capital city' as a cooperative project that will create new opportunities for both countries and announced plans to promote a large-scale landmark project symbolizing bilateral cooperation. He said, "Last year, the two governments signed a basic agreement to increase the scale of the Economic Development Cooperation Fund (EDCF) support from $600 million to $1.5 billion," and added, "The Korean government will support Indonesia's development by linking various financial resources based on the EDCF and strive to create cases of cooperation between the two countries."