Indonesia, South Korea trade grows during Q I-2021

Jakarta (Indonesia Window) – The trade and investment between Indonesia and South Korea showed a positive performance during the first quarter of 2021 compared to that in the same period last year, increasing by 15.2 percent.

“Indonesia’s exports (to South Korea) also increased by 7.9 percent in the first quarter of this year,” said Indonesian Foreign Minister Retno Marsudi in a joint press statement with her South Korean counterpart, Chung Eui-yong, here on Friday.

The Indonesian foreign minister added that the two countries are also in the process of ratifying the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA).

“An increase also occurred in the investment sector with the realization of South Korean investment in Indonesia, from 1.2 billion U.S. dollars in 2019 to 1.84 billion U.S. dollars in 2020,” she noted, adding that the largest portion of investment was recorded in the electric car industry and its ecosystem.

In May 2021, the Indonesian government laid the groundbreaking for the construction of the KCC Glass factory in Batang Integrated Industrial Estate, Central Java province, Retno said.

In addition, she continued, the construction of a Hyundai car factory in Karawang district, West Java province, is currently in the final stage.

Meanwhile, the joint venture of electric battery factories from Battery Project LG Energy Solution and Hyundai in Konawe (Southeast Sulawesi province) and Karawang (West Java province) was also expected to be implemented soon, Minister Retno said.

Reporting by Indonesia Window