Press Statement of President of the Republic of Indonesia and President of South Korea at Yongsan Presidential Office, Seoul, South Korea, July 28, 2022
His Excellency President Yoon Suk-yeol,
South Korea is one of Indonesia’s important partners in East Asia. Indonesia and South Korea are special strategic partners that we will celebrate the 50th anniversary of friendship between our two countries next year.
I believe under the leadership of President Yoon, our partnership will be stronger in the future, especially in the economic sector. We welcome the bilateral trade trend that continues to increase and we agree to continue providing wide access to market, overcoming hindrances in trade, and promoting featured products from both countries.
The concrete implementation of the Indonesia-Korea Economic Partnership Agreement will encourage achievement of the targets. South Korea’s investment in Indonesia has also been growing fast and has a good prospect, especially in some sectors, including steel, petrochemical, electric vehicle battery, electric and telecommunication cables, garment, as well as renewable energies.
During the meeting with President Yoon, I especially encouraged investment cooperation from South Korea, especially in accelerating development of electric car ecosystem in Indonesia, including battery industry projects integrated with mining and industry of automotive steel for electric vehicle.
Furthermore, we have also embarked on cooperation in developing Indonesia’s new capital of Nusantara, among others, cooperation in building a drinking water provision system and capacity building in building a smart city.
In this regard, I welcome the signing of Memorandum of Understanding between Ministry of Investment, Korea’s POSCO and Indonesia’s Krakatau Steel related to investment in automotive steel industry for electric vehicle, and participation in developing Indonesia’s new capital of Nusantara. The total investment amounts to US$6.37 billion and will provide job opportunities for 58,000 workers.
Last, I appreciate the support of South Korea for Indonesia’s Presidency in G20 this year and welcome the attendance of President Yoon in Bali in November.
That concludes my remarks.
I thank you. (AW/EP)