The agreements cover the purchase of food and beverage products, spices, health services, wood pellets, chemical products, original equipment manufacturer (OEM) cosmetic products, frozen seafood, palm oil, coal, soap, and investment in Indonesia.
Chargé d'Affaires of the Indonesian Embassy in Seoul, Zelda Wulan Kartika, informed that the embassy is committed to increasing cooperation between businesses in the two countries, in line with the Indonesia-Korea Comprehensive Economic Partnership (IK-CEPA) implemented since January 1, 2023.
Kartika led the South Korean business mission to the 39th TEI.
"Various business cooperation agreements between Indonesia and South Korea at the 39th TEI have the potential to encourage Indonesian product exports to South Korea, especially in the non-oil and gas sector and encourage South Korea's investment to Indonesia," she said in a statement issued by her office on Monday.
Indonesia's non-oil and gas exports to South Korea grew by 14.21 percent in the last five years (2019–2023), she informed. She said she hopes that the export value will continue to increase through IK-CEPA.
Meanwhile, Seoul trade attaché Eko Prilianto Sudradjat informed that 12 trade and investment agreements worth US$286 million were forged by entrepreneurs from both countries at the opening of the event on October 9.
During a business matching held by the Indonesian Embassy in Seoul on the following day, a memorandum of understanding (MoU) was signed for the purchase of red ginger worth US$100 thousand.
On the third day of the event, cooperation in the field of talent development for the comic and web cartoon industry was agreed upon, with an investment framework of US$10 million.
Sudradjat said that several networking activities were also held by Indonesian representatives in South Korea.
They included exploring business-to-business (B2B matching) agreements with the East Asia Directorate of the Foreign Affairs Ministry, and the Directorate of Market Development and Export Information and Directorate of Primary Product Export Development of the Trade Ministry on October 10.
The event aimed to encourage the trade of Indonesian products, especially introducing the potential of Indonesian agricultural products.
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Translator: Maria Cicilia G P, Resinta Sulistiyandari
Editor: Azis Kurmala
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