Korea and Indonesia Discuss Improving Investment Environment and Addressing Business Challenges... Push to Resume Economic Cooperation Committee

Requests for Regulatory Adjustments on SNI Certification and Hydropower Projects

Yonhap News Agency

The Ministry of Trade, Industry and Energy announced on January 23 that Deputy Minister for Trade Park Jeongseong held talks with Ali Murtopo Simbolon, Deputy Minister for Trade and Digital Economy at Indonesia’s Coordinating Ministry for Economic Affairs, at the Lotte Hotel in Sogong-dong, Seoul. The two sides discussed ways to strengthen economic and trade cooperation between the two countries.

This meeting was held as a follow-up to the ministerial talks between the two countries that took place during the APEC Summit in Gyeongju in October last year. The main agenda items were expanding investment and addressing challenges faced by businesses.

Both sides agreed on the need to further expand investment cooperation, noting that approximately 2,300 Korean companies are currently operating in Indonesia in a variety of sectors, including electric vehicles, batteries, steel, and chemicals, contributing to the local economy. The Ministry of Trade, Industry and Energy requested that the Indonesian government cooperate in creating a favorable investment environment, and also conveyed key demands from Korean companies currently pursuing local projects.

On this day, Deputy Minister Park once again raised the issue of reforming the SNI (Indonesian National Standard) certification system, which was discussed at last year’s ministerial meeting but remains unresolved, as well as difficulties faced by Korean companies in winning contracts for hydropower projects. In response, Deputy Minister Ali stated, “We will work closely with relevant ministries and agencies to resolve these issues as soon as possible.”

The Ministry of Trade, Industry and Energy also proposed the prompt resumption of the Korea-Indonesia Economic Cooperation Committee, the regular cooperation platform between the two countries. Both sides agreed to continue consultations with the aim of holding the third Economic Cooperation Committee meeting as soon as possible.