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KOTRA Call Indonesian Companies to Boost Economic Cooperation

JAKARTA, Indonesia, Sept. 28, 2022 /PRNewswire/ — On September 28, 2022, KOTRA, the Embassy of the Republic of Korea to Indonesia, and KADIN host the 'Indonesia-Korea Future New Industry Business Plaza 2022' at the Hotel Fairmont in Jakarta. The event includes a Future Industry Cooperation Forum between Indonesia and Korea, a Business Showcase, and one-on-one B2B meetings. More than 300 people from Indonesia and South Korea will attend.

The Future Industry Cooperation Forum kicks off with opening remarks from the President of Southeast Asia-Oceania Head Office of KOTRA, Lee Jong-seob. It will be followed by welcoming remarks by Agus Tjahajana Wirakusumah, Special Assistant to the Minister of Energy and Mineral Resources. Park Tae-song, Ambassador of the Korean Embassy to Indonesia, will convey the congratulatory speech. Last but not least, Vice Chairman of the Indonesian Chamber of Commerce and Industry (KADIN), Bernardino M. Vega, will deliver a speech as well.

Seizing Indonesia's G20 Presidency momentum, Indonesia-Korea Future Industry Business Plaza 2022 seeks to create a space where cooperation between the two countries can be accelerated. By sharing insight and bridging opportunities, the event offers in areas concerning three main pillars for Indonesia's G20 2022 Presidency, namely: sustainable energy transformation, global health architecture, and digital transformation.

Director General KOTRA Jakarta, Lee Jang-hee said that KOTRA Jakarta acts as a bridge for South Korean companies and Indonesian companies to establish economic cooperation, especially in export, import, and investment. The COVID-19 pandemic has caused transformations in business, such as digital adoption and creating a sustainable economy.

"The Indonesia-Korea Future Industry Business Plaza 2022's goal is to overcome challenges and obstacles in the new shape of trade and investment environment following the COVID-19 pandemic," Lee said.

The presence of the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK CEPA), which was signed in 2020, is also expected to increase the value of trade and investment cooperation of two countries. The agreement had been ratified by South Korea since June 2021 and Indonesia in August 2022. IK CEPA is estimated to enter into force in 2023.

Lee Jang-hee optimist IK CEPA will create deeper cooperative system amid global economic uncertainty such as inflation threat, disruption to global supply chain, trade war, and geopolitical conflict. South Korea eliminates 95.5% of tariff posts which cover 97.3% of the value of imports from Indonesia. At the same time, Indonesia also eliminates 93.0% of tariff posts, covering 97.0% of Korean imports.

"Korea will continue to collaborate in high-tech industries such as electric vehicles, and secondary batteries as part of Environmental Social Governance (ESG) area to support Indonesia's sustainability policy," added Lee.

Indonesia is one of the important partners in for South Korea especially in the ASEAN region. South Korea and Indonesia's trade value reached USD 15.3 billion from January to July 2022. This figure increased by 49.3% over the same period the previous year, which was 10.2 billion. This achievement elevates Indonesia to the second-largest ASEAN country in terms of international trade with South Korea. The two countries' main commodities traded are (1) mineral fuels, minerals oils and product of; (2) electrical machinery and equipment; (3) iron and steel; (4) ores, slag, and ash; (5) plastics and articles thereof.

About the Indonesia-Korea Future Industry Business Plaza 2022:

The Future Industry Cooperation Forum is divided into three sessions. The theme of the first session will be climate response for a sustainable economy. Three speakers will be presenting at this session: (1) Yahya Rachman Hidayat, Acting Director of Energy, Mineral Resources, and Mining, Ministry of National Development Planning; (2) Taeyoung Kim, President Director, PT Prism Nusantara International (a subsidiary of SK E&S); and (3) Onasis Wahju, Director, CJ Indonesia Group. The discussion will continue in the second session with Jowel Tacata, President Director, IQVIA Indonesia, on the theme of the post-pandemic health care industry in Indonesia. Iwan Setiawan, CEO of Marketeers, will be the keynote speaker at the final session of the Indonesia-Korea Future Industry Cooperation 2022.

In the Business Counselling showcase and one on one meeting, there are 48 future Korean innovative technology companies will participate online and offline to conduct face-to-face meetings/consultations with 100 potential partners such as leading Indonesian companies, project owners, venture capitalists, and others to introduce their product. The meeting is also explored the potential of new deal business in the future.

As a side event, the Expo promotion booth will be open to explain Korea's willingness and readiness to host Busan Expo 2030. Hyundai Kefico's booth will enliven the KOTRA event in the future mobility area by promoting two-wheel electric vehicle solutions. Poonglim Pharmatech, KOGENE BIOTECH, Humanscape, MEMBRARE, AQUACELL, NANOOM ENERGY, Kevin LAB, VIDEO MONSTER, and others will also be present at the exhibition. A Memorandum of Understanding (MoU) between Idea Concert and PT MNC Pictures will also be signed at the event.

About KOTRA Jakarta:

The Korea Trade Investment promotion Agency (KOTRA) is a non-profit government organization under the direct auspices of the Minister of Commerce, industry and Energy, Republic of Korea. Within the sovereignty of the Republic of Indonesia, KOTRA Jakarta is charged as the commercial section under the auspices of the Embassy of the Republic of Korea. KOTRA's role is to assist Korean SMEs in strengthening their global competitiveness and expanding their operations in Indonesia's market. The main activities are international trade and investment promotion, exhibitions, business matching, and networking with stakeholders.

For further information:
Kennedy Kurnianto
Specialist at KOTRA Jakarta
Email: [email protected]

Fitri Nur Arifenie
Specialist at KOTRA Jakarta
Email: [email protected] / [email protected]

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