S. Korea-RI economic ties rapidly expanding<\/p>\n
JAKARTA (JP): The South Korean Ambassador here, Kyung Chul-
\nkim, foresees a further deepening and broadening of bilateral
\neconomic cooperation with Indonesia due to the high degree of
\ncomplementarity in the resource endowment of the two countries.<\/p>\n
\"Korea is already Indonesia's fourth largest trading partner
\nand sixth largest foreign investor,\" said Kim on the occasion of
\nthe National Day of the Republic of Korea today.<\/p>\n
He noted that the two-way trade between the two countries had
\nbeen expanding rapidly over the past few years to reach US$4.7
\nbillion last year.<\/p>\n
The Korean diplomat projected an even higher rate of trade
\nexpansion as a result of the steady increase in Korean
\ninvestments in the country and in its imports of energy, notably
\ncrude oil and liquefied natural gas (LNG).<\/p>\n
According to the Investment Coordinating Board, Korea is now
\nthe sixth largest foreign investor in Indonesia with 340
\ninvestment ventures worth more than $3.65 billion in various
\nindustrial areas.<\/p>\n
Last month, for example, the state-owned Pertamina oil company
\nand Korea Gas Corporation signed new contracts which will
\nincrease Korean LNG imports from almost six million tons this
\nyear to nearly eight million tons a year beginning next year.<\/p>\n
Korea also became the first newly industrializing country to
\nenter Indonesia's hydrocarbon resource development when Kodeco
\nEnergy Co. Ltd.'s offshore concession area, west of Madura island
\nin East Java, came on stream in 1985.<\/p>\n
Kodeco has been piping natural gas to the Gresik power plant
\nin East Java since last year.<\/p>\n
\"But our economic cooperation is not limited to trade and
\ninvestment (natural resource development),\" Kim said, proudly
\npointing to his country's contribution to various projects in
\nIndonesia, including human resource development, through grant
\nand soft-loan assistance programs.<\/p>\n
Korea became one of Indonesia's country donors grouped in the
\nConsultative Group on Indonesia (CGI) in 1992. But even before
\nthat year, Korea had begun extending grant and soft loans under
\nits Economic Development Cooperation Fund.<\/p>\n
Grants<\/p>\n
Under this scheme, for example, the Korean government has
\ncommitted $53 million in grants and soft loans to the financing
\nof several development projects in Sumatra, Kalimantan and Java.<\/p>\n
Kim also foresaw a promising future in technical cooperation
\nas Indonesia is expanding and improving its vocational training
\ncenters in various provinces.<\/p>\n
Korea, Kim said, has committed more than $10 million to the
\ndevelopment of vocational training centers in the country and has
\nthus far trained more than 865 Indonesians in Korea and sent 47
\nexperts to help training programs in Indonesia.<\/p>\n
Kim who assumed his post here last April also sees the Asia-
\nPacific Economic Cooperation forum as another boon to further
\nstrengthen Indonesian-Korean cooperation.<\/p>\n
\"Korean President Kim Young- sam will attend APEC's second
\nleaders' meeting here in November,\" he said in referring to
\nKorea's strong commitment to APEC, notably its bilateral economic
\nties with Indonesia. (vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/s-korea-ri-economic-ties-rapidly-expanding-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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