Indonesian and South Korean companies agreed to pursue $6.2 billion worth of deals at a bilateral business forum in Seoul attended by Indonesian President Joko Widodo, authorities in Jakarta announced on Tuesday. South Korea agrees to invest more in Indonesia.
Indonesia's Investment Coordinating Board (BKPM) said in a statement that 15 memorandums of understanding (MOU) and six investment commitments were signed on Monday, including some announced previously.
The B2B partnerships cover energy, property, machinery, technology, and cosmetics. BKPM said South Korean firms Parkland, LS Cable & System Asia Ltd <229640.KS>, Sae-A Trading, Taekwang Industrial Co Ltd <003240.KS>, World Power Tech and InterVet confirmed investment commitments totalling $446 million.
The MOUs also involved energy deals aimed at easing surging power demand in Indonesia, BKPM said. South Korea agrees to invest more in Indonesia.
Hyundai Engineering & Construction Co Ltd <000720.KS>, which has been working on a $470 million hydro-power plant in Indonesia, signed an MOU to promote cooperation with a South Korean power utility and an Indonesian firm, a Hyundai official said separately.
Other MOUs involved Doosan Heavy Industries & Construction Co Ltd <034020.KS>, which has said it would build two coal-fired power plants worth $1.68 billion in Indonesia.
Korea Midland Power Co Ltd, POSCO Engineering & Construction Co Ltd and Hyundai Engineering Co Ltd also announced an MOU with Indonesia's PT Sulindo Putra Timur to build a 50 MW hydro-power plant in Indonesia for $300 million, BKPM said.
Widodo on Monday told reporters he was aiming for bilateral trade between the two countries to reach US$30 billion by 2022.
A hundred and four business actors participated in the 2018 Indonesia-Korea Business and Investment Forum. "It signals the improving trade and investment relationship between the two countries," Rosan remarked. South Korea agrees to invest more in Indonesia.
(source: US News and Tempo)