South Korean Businesses Eyes $18b Projects with Indonesian Counterparts
Jakarta Globe Tue May 17, 2016
SEOUL, South Korea – Indonesia and South Korea businesses on Tuesday (17/02) signed a memorandum of understanding for investments in maritime, creative industry, energy research, clean energy, special economic zones, defense industry and peatland restoration worth a total $18 billion.The agreement was part of efforts between the two countries to strengthen ties in economic cooperation, Rosan P. Roeslani, chairman of Indonesia Chamber of Commerce and Industry (Kadin), said in a statement on Tuesday. Rosan was part of President Joko Widodo envoy in the state visit to South Korea this week.
“South Korea remain strategic partner for Indonesia in economic, trade and investment,” Rosan said, noting that the size of the investment plan was larger than $8 billion the country has invested in the past five years.
The Investment Coordinating Agency recorded South Korean investors have spent $188 million in 435 projects across Indonesia in the first three months of this year, opening jobs for more than 28,000 workers. That makes South Korean sixth largest foreign investors in the archipelago.
South Korean investment was $1.2 billion in 2015, up 7.6 percent from a year earlier.