Indonesia’s Trade Ministry has announced that the South Korean business mission to Indonesia recorded trade and investment agreements worth USD 296.10 million during the 39th Trade Expo Indonesia (TEI) held from October 9 to 12, 2024, according to reporting from Antara News.
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, who led the South Korean business mission to the 39th TEI, said 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, says Antara News.
“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 (14/10/24.)
Indonesia’s non-oil and gas exports to South Korea grew by 14.21 percent in the last five years (2019 to 2023), she said, adding that she hopes the export value will continue to increase through IK-CEPA.
Meanwhile, Seoul trade attaché Eko Prilianto Sudradjat said that 12 trade and investment agreements worth USD 286 million were forged by entrepreneurs from both countries at the opening of the event on October 9, says Antara News.
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 USD 100,000.
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 USD 10 million.
Sudradjat said that several networking activities were also held by Indonesian representatives in South Korea including 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, says Antara News.
The event aimed to encourage the trade of Indonesian products, especially introducing the potential of Indonesian agricultural products.
Source: Antara News
Stock photo by Gije Cho on Pexels
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