South Korea is seeking to double its trade volume with Indonesia in the coming years, according to Park Soo-deok, the Deputy Ambassador of South Korea to Indonesia. Speaking at the Indonesia-Korea Economic Partnership Forum in Jakarta on Wednesday, Park emphasized South Korea's intent to significantly increase investments in Indonesia. Currently, the trade volume between the two countries exceeds USD 20 billion (approximately IDR 308.2 trillion). Park expressed optimism that this figure could be doubled, underscoring the importance of Indonesia as South Korea’s sole strategic partner in Southeast Asia. This unique relationship highlights Indonesia’s critical role in South Korea’s economic plans, with a focus on strengthening bilateral ties.
In pursuit of this ambitious goal, Park outlined key sectors for increased South Korean investment in Indonesia, including steel production, electric vehicles, petrochemicals, and healthcare services. Additionally, Lee Hyoyon, Director of the Indonesia-Korea Business Cooperation Center, noted that several Korean investments in Indonesia are expected to grow, particularly in carbon credit transfers and the financial sector. While carbon credit transfer is still in development, efforts are underway to resolve outstanding issues. Investment in banking, insurance, and digitalization-related services is also anticipated to continue expanding. The multifaceted nature of these investments underscores South Korea's recognition of Indonesia as a vital economic partner, a relationship that holds promising potential for both nations.
