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Jakarta Post

Prospects for Indonesia, South Korea economic ties

  • Ramon Pacheco Pardo and Shah Suraj Bharat

Brussels/Jakarta   /   Sat, November 3 2018   /  02:09 am

During President Joko “Jokowi” Widodo’s state visit to Seoul last September, Indonesian and South Korean businesses signed a number of deals that are expected to see several South Korean companies invest US$6.2 billion in manufacturing in Indonesia.

Jokowi, on his third visit to South Korea since taking office in 2014, was accompanied by South Korean President Moon Jae-in at a business forum that was part of the events marking the 45th anniversary of bilateral relations between the two countries.

These celebrations represent concrete improvements in economic relations between the two countries.

Indeed, in 2017 trade increased 20 percent to $17 billion, while Jokowi targets to almost double trade to $30 billion by 2022. According to the Investment Coordinating Board (BKPM), South Korea was the third largest investor in Indonesia at $900 million in the first qu...