Former Trade Minister of Korea: “We need to focus more on economic cooperation with Indonesia”

SBM ITB in collaboration with the Embassy of the Republic of Korea in Indonesia held International Conference titled ‘A New Chapter of Korea-Indonesia Trade and Investment Relations’ early this month in Jakarta. “We look forward to further strengthen relations and improve trading cooperation between the two countries, ” stated the Korean Ambassador to Indonesia, HE Kim Chang-beom in his opening speech (1/10/2019).

“Korea is special to SBM ITB. For the past five years, we have been pleased to have 15 undergraduate and postgraduate students from Korea. Some of those students work for renowned companies in Korea and they wish to learn about doing business in Indonesia,” as the Founder & Chairman of School Advisory Council, Prof Kuntoro Mangkusubroto told the participants.

Moving to the next session, Professor Emeritus, Seoul National University, Professor Taeho Bark said, “Korea needed to focus more on its economic relations and cooperation with Indonesia since Indonesia was the largest country, accounting for 40% of the total population and economy in Southeast Asia. Cooperation with Indonesia in 3 sectors remains crucial. Those sectors include infrastructure development, industrial advancement, and financial cooperation.”

The Former Trade Minister of Korea continued to explain that Korea was the 4th largest FDI country in Indonesia with total cumulative investment per 2018 reached $15.7 billion. The number of Korean firms operating in Indonesia were also increasing since 2016 with 2,000 companies with metal machinery as the major industry ($ 6.5 billion) following electric gas water supply ($ 1.4 billion) and rubber plastic (0.7 billion). “And more Korean companies are recently considering their investment in Indonesia,” as Bark closed the session.