The meeting, which was held here on Tuesday, was jointly led by Hatta Rajasa and Minister of Knowledge, Economy of Korea Sukwoo Hong.
The meeting was also attended by the working groups` chairmen of Indonesia-South Korea`s Working Level Task Force (WLTF).
During the meeting, both sides discussed co-operation development on the Master Plan for Acceleration and Expansion of Indonesia`s Economic Development.
The working groups, among others, dealt with trade and investment, industry, energy and mineral resources, construction and infrastructure, environment, agriculture, forestry and fishery, defense industry, and public policy and development financing.
"Reports delivered in the meeting indicated that the working groups have made many achievements," Hatta Rajasa said.
The working group on trade and investment, for example, showed significant progress. The two countries were able to increase the volume of their bilateral trade.
In 2011, South Korea and Indonesia were able to increase their trade by 45.5 per cent, from US$18.3 billion in the previous year to US$26.6 billion.
"We are optimistic that our target to achieve US$40 billion in 2014 and US$100 billion in 2020 will be realized," the minister noted.
South Korea`s investment in Indonesia has also increased. In fact, South Korea has become the fifth largest investor in Indonesia.
"All South Korea`s investment projects that we have seen in Indonesia are running well on track. For example, Posco`s first and second phase projects- worth six billion dollars, respectively-are running well. So are other projects, including those under Hankook worth two billion dollars and Petrochemical complex in Banten, are all running well," he commented.
The results of the first joint secretariat meeting will be presented to an Indonesia-South Korea senior officials` meeting on March27.
(Uu.A014/INE/S012)
Editor: Priyambodo RH
Copyright © ANTARA 2012
