TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

South Korea, RI look to deepen ties

South Korea is seeking to expand economic and political ties with Indonesia, a long-term trade partner that has proven a successful base for hundreds of South Korean businesses, said a diplomat

Lilian Budianto (The Jakarta Post)
Jakarta
Thu, October 7, 2010

Share This Article

Change Size

South Korea, RI look to deepen ties

S

outh Korea is seeking to expand economic and political ties with Indonesia, a long-term trade partner that has proven a successful base for hundreds of South Korean businesses, said a diplomat.

Diplomatic ties between the two countries have strengthened in line with Asia’s rapidly increasing economic influence on the world.

Even before Indonesia was considered a promising economy, South Korea had gained a strong foothold here, establishing hundreds of South Korean companies, many of which stood firm when the 1998 crisis hit Indonesia.

Today, there are around 40,000 South Koreans living and working in Indonesia, making them the largest foreign community here, says Chung Byung-won, a political counsellor at the South Korean Embassy in Jakarta.

Chung said there was plenty of room for more cooperation with Indonesia, which is the largest economy in Southeast Asia, and a key member of ASEAN. South Korea, together with China and Japan, has convened with ASEAN under the umbrella of the ASEAN+3.

In line with Indonesia’s growing political clout on the international stage and South Korea’s transformation into a development, there have been many opportunities to enhance relations, says Chung.

“We have many common interests. We have worked together in bilateral and multilateral forums,” he said.

The two-way trade volume stood at US$15 billion last year, with exports from Korea worth $6 billion and imports from Indonesia worth $9 billion. Chung said that as of July, the trade volume had surpassed $10 billion and was set to exceed $20 billion at the end of this year.

In 2009, South Korean investment in Indonesia stood at $550 million, and this year the investment figure is expected to reach a record high on the back of a $6 billion investment injection from South Korean company Posco.

He said Indonesia has become a main investment destination for South Korea because of the size of its economy, and its large workforce and extensive presence in energy, forestry, and environment-related industries.

“Some Korean companies have even considered moving their factories from China to Indonesia,” he said.

South Korea will celebrate its National Foundation Day here next week with a week-long cultural event that will showcase collaborations between South Korean and Indonesian artists.

The event will start next Monday with a Batik-Hanbok fashion show and will end on Oct. 17 with a Korean food festival.

The event will also host a concert featuring famous Korean singers performing with Indonesian singers, Taekwondo and badminton matches, fashion shows and job fairs. This will be the second time South Korea has held a week-long event in Indonesia to celebrate its national day.

Chung said the event was meant to encourage personal relations and enhance ties with Indonesian communities. South Korea has hosted around 30,000 Indonesian migrant workers and helped educate South Koreans about Indonesia’s growing economic and political power, Chung said.

He said Indonesia had a strong presence in South Korean foreign policy, including in bilateral and multilateral forums.

“South Korea could play a role of bridging the developed nations with the developing nations. We are eager to explore more opportunities with Indonesia,” he said.

{

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.