MPR Chairman Bamsoet Invites South Korean Entrepreneurs to Increase Investment in Indonesia

JAKARTA - Chairman of the Indonesian People's Consultative Assembly (MPR RI) Bambang Soesatyo invites South Korean entrepreneurs to increase economic, investment and business cooperation in Indonesia where bilateral relations between Indonesia and Korea have been going on well for 50 years.

The closeness of relations between South Korea and Indonesia has become a commitment from the two leaders of the country, which was confirmed at various international forums and bilateral meetings.

"Finally, Indonesian President Jokowi held a meeting with South Korean President Yoon Suk Yeol on September 8, 2023 on the sidelines of the 43rd ASEAN Summit in Jakarta. Previously, the two also met in July last year in Seoul," said the man who is familiarly called Bamsoet when he met Korean businessmen who are members of Gyeongsan Chamber of Commerce & Industry, in Gyeongsan, South Korea, quoted from Antara, Thursday, September 21.

Bamsoet explained that Korean investment in Indonesia continues to increase and makes Korea the 7th largest source of foreign investment in Indonesia with an investment value in 2021 reaching 1.6 billion US dollars.

The value of South Korea's investment in Indonesia increased in 2022 to USD 2.3 billion, and until the first semester of 2023 it had reached USD 1.29 billion.

"The value of bilateral trade also continues to increase from 13.35 billion US dollars in 2020, to 18.41 billion US dollars in 2021, and again increased to 24.53 billion US dollars in 2022. So that the value of this trade can continue to be increased, and the field of cooperation is also expanded to various sectors," explained Bamsoet.

Although many achievements have been achieved, and many things have been pursued in order to strengthen bilateral cooperation between the two countries, of course there are still several aspects that require follow-up. For example, the realization of South Korean investment in the steel industry, petrochemicals, electric vehicle batteries and electric cables, telecommunications, garment, and renewable energy.

Likewise in the projected development of the State Capital (IKN) of the Archipelago in East Kalimantan. The opportunity for cooperation is wide open for South Korean investors in IKN development projects as smart cities, smart water management development, and transportation facilities development.

"Especially with the enactment of the Indonesia-Korea Comprehensive Economic Partnership Agreement, which has also been ratified into Law no. 25/2022, it is hoped that trade and investment flows can continue to be improved. In particular, I also hope that the partnership agreement can also be optimized in the private and business sectors, especially in micro, small, and medium enterprises (MSMEs) which are the main pillars of the economy in Indonesia," said Bamsoet.

This meeting was attended by Mayor Gyeongsan Jo Hyun Il, Chairman of the Chamber of Commerce and Industry of Gyeongsan City An Tae Young, and a number of Korean businessmen who have invested in Indonesia.

Meanwhile, with the Chairman of the Indonesian People's Consultative Assembly who was present, among others, Member of Commission X of the House of Representatives (DPR RI) Robert Cardinal, Chairman of Committee II DPD RI Yorrys Raweyai, Secretary of the Indonesian Chamber of Commerce and Industry Law Enforcement, Defense and Security Agency Junaidi Elvis, Chancellor of Purbalingga Officer University (UNPERBA) Eming Sudiana, Founder of Ali Network Indonesia Foundation Ali An Sun Guen, and Cou Political Prosecutor of the Indonesian Embassy in Seoul Sigit Aris Prasetyo.