Nusa Dua, Bali (ANTARA) – Indonesian and South Korean entrepreneurs signed three memorandums of understanding (MoU) on business cooperation with a potential transaction of US$7 million.
“I welcome the signing of the three MoUs that result in a potential transaction of US$7 million. Products that South Korea is interested in include cognac, as well as cassava chips and frozen processed sweet potatoes, which are Indonesia’s leading products,” said Trade Minister Zulkifli Hasan.
The business cooperation is in the form of purchasing a number of Indonesian processed food products.
Minister of Trade Zulkifli Hasan witnessed the signing of the MoU on Friday, (23/9) in Nusa Dua, Badung, Bali after the G20 Trade, Investment and Industry Ministerial Meeting (TIIMM).
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The signing of the MoU on business cooperation is the result of a bilateral meeting between the Minister of Trade Zulkifli Hasan and the Minister of Trade of South Korea, Ahn Dukgeun on Wednesday (21/9) on the sidelines of the TIIMM.
The two countries agreed to enhance the strategic partnership between the two countries, especially in the trade sector.
The signing was carried out between three Indonesian business actors and two South Korean business actors.
PT Satoria Konjac Industri with With Us Co.,LTD signed an MoU for the purchase of cognac products with a potential transaction of 2 million US dollars; PT Indorasa Utama with With Us Co.,LTD for cassava chips products with a potential transaction value of 2 million US dollars; and PT Seed Origin International and Wellygo Inc for processed sweet potato products (frozen dried sweet potato stick/frozen sweet potato paste) with a potential transaction value of 3 million US dollars.
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“Indonesia appreciates the signing of the three trade agreements and hopes that similar cooperation will be more open with the implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Indonesia-South Korea Comprehensive Economic Partnership Agreement (IK-CEPA),” said the Trade Minister.
The trade value between Indonesia and South Korea in January-July 2022 is US$14.03 billion.
In that period, Indonesia’s exports to South Korea amounted to 7.27 billion US dollars and imports 6.77 billion US dollars. Meanwhile, in 2021, the total trade value between the two countries will be US$ 18.41 billion. In that year, the value of Indonesia’s exports to South Korea reached 8.9 billion US dollars and imports 9.4 billion US dollars.
In 2021, South Korea will be the 7th export destination country and the 6th import origin country for Indonesia. Meanwhile, South Korea is the 7th home country of foreign direct investment (FDI) for Indonesia. Its investment in 2021 is 1.64 billion US dollars with 2,511 projects.
Reporter: Sella Panduarsa Gareta
Editor: Adi Blue
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