Seoul eyes swap deal with RI

Seoul eyes swap deal with RI

SEOUL (Dow Jones): The South Korean government said yesterday it is considering a plan to swap its exports to Indonesia for imports, as many exports and construction fees haven't been paid for by the trouble-ridden Southeast Asian nation.

If necessary, the Korean government will send a survey team to start government-level negotiations to exchange its unpaid exports with the imports of raw materials from Indonesia, according to the Ministry of Finance and Economy.

The idea was one of several proposals brought up during a meeting of economic government officials, including Assistant Finance and Economy Minister Chung Duk-koo, who met Wednesday to seek measures designed to cope with uncertainties surrounding the economy of Indonesia.

According to Korean newspaper Chosun Ilbo South Korean financial institutions lent $5.5 billion to Indonesia's corporate and financial sectors at the end of January.