Indonesia, RoK bolster economic cooperation

Jakarta (VNA) – The Indonesian government remains committed to boosting cooperation with the Republic of Korea (RoK), Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has said.

He made the statement during the Indonesia-Korea Investment Roundtable Dialogue 2021 held on April 8, which was joined by the RoK Ambassador to Indonesia Park Tae-sung.

The signing of the Indonesia-RoK Comprehensive Economic Partnership Agreement (IK-CEPA) last year reflected comprehensive cooperation between the two nations for a better future.

Indonesia has exerted efforts to turn itself into an investment destination for domestic and foreign investors, including businesses from the RoK, one of the most important investors in the Southeast Asian nation over the last few decades.

Based on investment data for 2020, the RoK ranked 5th out of 126 countries that channelled large investments into Indonesia.

There are 5,467 investment projects under RoK companies with an investment value of 1.8 billion USD. This cooperation can be developed into various other sectors, such as investment in the Indonesia Investment Authority and also the development of the downstream metal industry and renewable energy.

The Indonesian government recently issued Omnibus Law that can support investment, improve Indonesia's value in the eyes of the global community, and increase the small- and medium-sized enterprises in Indonesia.

Indonesia's GDP growth increased from -3.49 percent in the third quarter of 2020 to -2.19 percent in the fourth quarter, showing that the government’s policies prove effective, Luhut said./.