Indonesia and South Korea established business cooperation through private parties worth USD 7 million or IDR 105 billion (exchange rate of IDR 15,000). In the future, Indonesia will export several products to the Ginseng Country. The cooperation between the two countries was marked by the signing of the MoU by the two countries in Bali, Friday (23/9/2022), and witnessed by the Minister of Trade Zulkifli Hasan. "I welcome the signing of the three MoUs that result in a potential transaction of USD 7 million. Products that South Korea is interested in are cognac, as well as cassava chips and frozen processed sweet potatoes which are Indonesia's flagship products," said Zulkifli Hasan in a written statement, Saturday (24/9/2022).
He said the signing was carried out by 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 value of USD 2 million, PT Indorasa Utama with With Us Co., LTD for cassava chips products with a potential transaction value of USD 2 million, 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 USD 3 million. "Indonesia appreciates the signing of the three trade agreements and hopes that similar cooperation will be more open by implementing the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Indonesia-South Korea Comprehensive Economic Partnership Agreement (IK-CEPA)," he concluded. For additional information, the trade value between Indonesia and South Korea for the January-July 2022 period is USD 14.03 billion. In that period, Indonesia's exports to South Korea amounted to USD 7.27 billion and imports USD 6.77 billion. Meanwhile, in 2021, the total trade value between the two countries will be USD 18.41 billion. The value of Indonesia's exports to South Korea reached USD 8.9 billion and imports USD 9.4 billion. South Korea is the 7th home country of foreign direct investment (FDI) for Indonesia. Its investment in 2021 is USD 1.64 billion with 2,511 projects.
