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.
RI, South Korea sign agreement to boost bilateral trade
Change Size
Seoul. (Shutterstock/File)
I
ndonesia is expected to further diversify its exports to South Korea following the signing of a cooperation agreement between the Trade Ministry’s National Export Development body and the Korea International Trade Association (KITA).
Under the cooperation agreement signed in Jakarta on Tuesday, the two organizations agreed to promote bilateral trade though improving the exchange of trade information, holding business forums and establishing e-commerce markets.
“Through this cooperation, we want to explore the possibility of exporting other products to South Korea,” National Export Development director general Arlinda said after the signing ceremony in Jakarta on Tuesday.
KITA is the largest business organization in South Korea with around 74,000 members, mostly drawn from small and medium enterprises. The association has operated in Indonesia for two years under the KITA Jakarta Center.
“We want to diversify our exports to South Korea,” Arlinda further added.
Currently, Indonesia is South Korea’s fifth largest trading partner, while South Korea is Indonesia’s sixth largest trading partner.
Indonesian exports to South Korea dropped to about US$7 billion in 2016 from $7.6 billion in the previous year. Meanwhile, imports fell by 20 percent to $6.67 billion in 2016 from $8.42 billion in 2015. (ecn/ags)
