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Govt invites Korean finance to home in on Indonesia's 2045 vision
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Centre for Strategic and International Studies (CSIS) Indonesia executive director Yose Rizal Damuri (left) moderates a panel discussion with (second left to right) Bank Indonesia Governor Perry Warjiyo, Finance Minister Sri Mulyani Indrawati, IKN Authority head Bambang Susantono and Indonesian Ambassador to South Korea Gandi Sulistiyanto during a business forum commemorating 50 years of diplomatic relations between Indonesia in Incheon, South Korea, on May 3. (Embassy of the Republic of Indonesia in Seoul/-)
I
ndonesia has staged a high-level business forum in South Korea to pitch investment projects in infrastructure, downstream industries and clean energy as the two countries celebrate 50 years of diplomatic relations.
The forum was held in the city of Incheon on Wednesday with the support of Indonesia’s Finance Ministry, the Nusantara Capital City (IKN) Authority, Bank Indonesia (BI), state-owned electricity distributor PLN and KB Kookmin Bank, a subsidiary of Seoul-based KB Financial Group.
It was attended by around 100 offline participants and 60 online participants, including CEOs and executives from Indonesian and Korean companies, according to a press release issued by the Indonesian Embassy in Seoul.
“The business forum provides updates and insights on sustainable financing for energy transition and infrastructure in Indonesia, efforts to transform into a sustainable economy to achieve [Indonesia’s] 2045 vision [of becoming] the 4th largest economy, and […] government policies and incentives to boost closer cooperation between Indonesia and South Korea in the financial sector to support Indonesia’s downstream industry and infrastructure development,” reads the release.
In his opening remarks, Indonesian Ambassador to South Korea Gandi Sulistiyanto expressed his wish for Korea to strengthen its role as Indonesia’s partner in development, particularly in the areas of renewable energy and infrastructure.
Finance Minister Sri Mulyani Indrawati highlighted Indonesia’s efforts to accelerate the country’s energy transition through the Energy Transition Mechanism (ETM) and the Just Energy Transition Partnership (JET-P).
The policy drive took center stage at the Group of 20 Summit held in Bali last November and involves the early retirement of coal-fired power plants as well as increased investment in cleaner alternatives with external financial support, such as from the Asian Development Bank.
