The Korea Herald


Korea, Indonesia to discuss economic ties

By 황장진

Published : April 11, 2011 - 18:55

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Korea and Indonesia will hold a working-level meeting next month on ways to further boost bilateral economic cooperation, Seoul’s finance ministry said Monday.

The meeting is a follow-up on a December summit between Korean President Lee Myung-bak and Indonesian President Susilo Bambang Yudhoyono, in which they agreed to boost bilateral cooperation on weaponry development, energy, infrastructure and green technologies.

“The working-level meeting in Bali will fine-tune details on how to expand cooperation with a ministerial meeting to be scheduled for June,” a ministry official said.

Bilateral trade reached $22.9 billion last year, up nearly 50 percent from a year earlier.

Local companies such as POSCO and Hankook Tire Co. have recently announced plans to invest $12 billion in projects in Indonesia.

Seoul is also set to participate in the Indonesia Economic Development Corridors (IEDC) plan.

The IEDC is Jakarta’s master plan to pursue growth in such areas as manufacturing, energy and agriculture so the country can transform itself into an economic powerhouse in the next 40 years.

Indonesia has asked Korea to participate in the projects as a full-fledged partner. 

(Yonhap News)