Indonesia's Ministry of Trade (Kemendag) reported that South Korea's business mission to Indonesia resulted in trade and investment agreements totaling USD 296.10 million (equivalent to IDR 4.64 trillion) during the 39th Trade Expo Indonesia (TEI), held from October 9 to 12, 2024. These agreements cover a wide range of sectors, including food and beverages, spices, healthcare services, wood pellets, chemicals, original equipment manufacturer (OEM) cosmetics, frozen seafood, palm oil, coal, soap, and investments in Indonesia. Zelda Wulan Kartika, Chargé d'Affaires Ad-Interim of the Indonesian Embassy in Seoul, emphasized the commitment of the embassy to enhancing bilateral business cooperation following the implementation of the Indonesia-Korea Comprehensive Economic Partnership (IK-CEPA) since January 1, 2023.
Kartika highlighted that these business agreements are expected to boost the export of Indonesian non-oil and gas products to South Korea while simultaneously encouraging South Korean investment in Indonesia. Indonesia's non-oil exports to South Korea have grown by 14.21% over the last five years (2019-2023), and Kartika hopes this trend will continue under IK-CEPA. Meanwhile, Eko Prilianto Sudradjat, Trade Attaché of the Indonesian Embassy in Seoul, noted that during the TEI opening on October 9, 2024, 12 trade and investment agreements worth approximately USD 286 million were signed. On October 10, a memorandum of understanding (MoU) for a USD 100,000 purchase of red ginger was finalized, followed by a USD 10 million webtoon industry talent development partnership on October 11.
