Indonesia, S. Korea sign 15 memorandums of understanding

Jakarta (ANTARA News) – Indonesian and South Korean government institutions and companies have signed 15 memorandums of understanding (MoU) during President Joko Widodos two-day visit to that country ending Tuesday.

The agreements signed in South Korea were on investment cooperation in various sectors including energy, property, machines, technology and cosmetics with total investment commitment of US$5.76 billion business to business.

“We are very open for investment flowing into Indonesia,” chairman of the Indonesian Chamber of Commerce and Industry Rosan P Roeslani said received here on Wednesday.

Rosan said there are still many trade and investment potentials between South Korea and Indonesia that need explorations.

“This shows improvement in the already strong trade and investment relations between Indonesia and South Korea,” Rosan said.

The agreements include the industrial sector between Hyundai Engineering and PT Sulfindo Adiusaha to develop chemical industry to produce vinyl chloride monomer (VCM) and poly vinyl chloride (PVC) in Merak, Banten, at a cost of US$200 million;. between Doosan Infracore and PT Boma Bisma Indra and PT Equiti Manajemen Teknologi on development of diesel engine factory with an investment of US$185 million; and between SD Biotechnologies and PT Orion Pratama Sentosa to build cosmetic industry valued at US$20 million in Karawang, West Java.

There was also strategic partnership in the development of machine tool technology center in Bandung, West Java as a collaboration between the Korea Institute for Advancement of Technology and the Industry Ministry.

Rosan was a member of the presidential entourage to Korea also including Industry Minister Airlangga Hartarto, head of the Investment Coordinating Board Thomas Lembong and head of Bekraf Triawan Munaf.

Source: ANTARA News