Indonesia, S Korea need to intensify economic cooperation: FM

Indonesia, S Korea need to intensify economic cooperation: FM

South Korea - Indonesia (ANTARA)

Jakarta (ANTARA News) - Foreign Minister Retno Marsudi has expressed the need for Indonesia and South Korea to intensify economic cooperation, especially industrial cooperation, to meet global economic development.

She conveyed the need to her South Korean counterpart, Kang Kyung-Hwa, during a bilateral meeting at the latter`s office, according to a written statement received here on Thursday.

The two ministers agreed on the importance of using various opportunities from the Special Strategic Partnership agreement made by President Joko Widodo and South Korean President Moon Jae-in in November last year.

"In the midst of the current protectionism trend, the two countries need to continue to intensify joint efforts by using various trade opportunities and boosting open economic system," Marsudi stated.

Regarding trade cooperation, the Indonesian foreign minister hailed the hike in the value of two-way trade from US$13.68 billion in 2016 to $16.31 billion in 2017.

On investment cooperation, she encouraged South Korea to continue increasing its investment in Indonesia.

The value of South Korean investment in Indonesia increased by 100 percent from $1.07 billion in 2016 to $2.02 billion in 2017.

Besides discussing bilateral cooperation, the two ministers also exchanged views on various strategic developments in the region and in the world.

The development of the peace process in the Korean Peninsula has also been one of the issues of special attention.

Reported by Yuni Arisandy