Seoul (VNA) – The Republic of Korea (RoK) and Indonesia have agreed to intensify bilateral links across infrastructure, trade, investment, maritime affairs and energy.
During Indonesian President Joko Widodo’s visit to the RoK from May 15-17, both sides signed a total of 11 memoranda of understanding to boost economic relations, following talks between the two Presidents.
Through a set of agreements over bilateral cooperation in constructing infrastructure such as power plants, gas pipelines and railways, the RoK seeks to join a series of Indonesia's development projects worth 6.7 billion USD.
Indonesia also launched a five-year development scheme to refurbish its infrastructure, including overland and maritime traffic networks in 2015.
Under a memorandum of understanding (MoU), the Korea Gas Corporation will form a consortium to participate in a 600 million USD project to construct a gas pipeline between Palembang and Bali in Indonesia.
Furthermore, Indonesia allowed the Korea Rail Network Authority to join the first stage of a 2.1 billion USD project to establish a 20-kilometer railway in Jakarta.
The two sides also signed a MoU to bolster joint work on various maritime affairs including maritime law, environment, security, logistics and fisheries.
Trade volumes between the two countries hit 16.7 billion USD last year.-VNA
