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Jokowi Seeks Full Implementation of Indonesia-South Korea Trade Cooperation

TEMPO.COJakarta – President Joko Widodo (Jokowi) has sought a full implementation of trade cooperation under the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA), including support for 18 projects proposed by Indonesia.

Jokowi made the statement during a bilateral meeting with South Korean President Yoon Suk Yeol at Grand Prince Hotel in Hiroshima, Japan, on Sunday.

“IK- CEPA must be implemented best way possible, this includes the support for 18 proposals from Indonesia in agricultural, health, culture, fisheries, automotive, and IT sectors,” the president said in a statement received.X

Jokowi has also sought Yoon’s support for the realization of commitments made by several South Korean companies to invest in Indonesia, including Lotte Chemical and CJ Group to establish a chemical plant in Banten and a bioproduct factory in East Java; LS Cable and TSE’s commitment on the distribution of new and renewable energy; as well as the realization of investment on electric vehicle ecosystem.

On the development of Nusantara Capital City (IKN), Jokowi said, Indonesia has prepared incentives and facilities for investors.

He hoped that the development of water management system in the new city, which is also supported by the east Asian country, will run as scheduled.

“Hopefully Sepaku Semoi Water Treatment Plant (development) can be completed as per the schedule,” Jokowi said.

In addition to trade and investment, the two leaders also discussed issues on migrant workers, where Jokowi asked for additional quota and wider fields for Indonesian migrant workers in South Korea.

During the meeting, President Jokowi was accompanied by Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan, Coordinating Minister for Economic Affairs Airlangga Hartarto, Foreign Affairs Minister Retno Marsudi, State-Owned Enterprises Minister Erick Thohir, and Cabinet Secretary Pramono Anung.

IK- CEPA is officially implemented on January 1, 2023. The implementation marks the 50th anniversary of diplomatic ties between Indonesia and South Korea. During January-October 2022, the trade value between Indonesia and South Korea was recorded at US$20.6 billion, an increase of 40.36 percent from that of the same period last year, which was recorded at US$14.6 billion.

Indonesia’s exports to South Korea were recorded at US$10.6 billion in the period, while imports from South Korea were recorded at US$9.9 billion.

Source : TEMPO.CO