The Republic of Korea has pledged to invest more than 10 billion USD into various projects in Indonesia.

Under a Memorandum of Understanding signed during RoK President Park Geun-hye’s visit to Indonesia from October 10-12, the fields of RoK investment include transport, infrastructure, manufacturing, information technology, automobile, energy, agriculture and creative industries.

Prominent among the projects were a 200MW coal-fired power plant, a wood chip plant and a railway system, expected to start later this year.

Speaking at an Indonesia-RoK business forum on October 12, President Park said the two countries should strengthen economic cooperation for their common benefit.

RoK invested 454.2 million USD into Indonesia in the first half of this year, and this made it the third largest investor into the Southeast Asian country after Singapore and Japan .

Foreign businesses are increasing their investment to Indonesia as the country is home to over 240 million people and a rapidly expanding middle class.-VNA