The agreement was announced by President Susilo Bambang Yudhoyono on the final day of his state visit to South Korea on Thursday.
"Indonesia has huge potential, but not all of it has been exploited. Indonesia certainly needs resources and partnerships to develop its economy," he noted.
President Yudhoyono said this potential had been used as the foundation for the strategic partnership between Indonesia and South Korea, making it possible to reach the US$50 billion trade target by 2015.
"The strategic partnership has developed well so far. For example, trade in 2009 reached around US$10 billion and rose to US$30 billion in 2011," he added.
President Yudhoyono reiterated that the Indonesian government would assure that all forms of cooperation with other countries would also be implemented.
Referring to the recent meeting between the Indonesian and South Korean teams, following the launch of the Master Plan for Indonesian Economic Development and Expansion (MP3EI) to specially discuss possible cooperation to promote the program, the President said, "I hope the investment in the MP3EI increases trade and Indonesia benefits from it."
President Yudhoyono added that Indonesia had specifically invited South Korea to invest in the steel and infrastructure industries.
Apart from discussing cooperation opportunities in trade and investment, President Yudhoyono and South Korean President Lee Myung-bak also reviewed possible cooperation in the fields of defense, energy and manpower.
"We agreed to widen energy cooperation to cover not only oil and coal, but also renewable energy resources," he noted.
President Yudhoyono`s visit to South Korea was part of his eight-day state visit, which included China and Hong Kong, from March 22 to 29. In South Korea, the President also attended a nuclear summit. President Yudhoyono returned to Indonesia on Thursday afternoon.
(L.F008*G003/KR-BSR/H-YH/INE)
Editor: Priyambodo RH
Copyright © ANTARA 2012
