Economy
17:46, 19-Feb-2019
Indonesia, South Korea aim to sign trade deal by November
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Indonesia and South Korea agreed on Tuesday to resume talks on a bilateral trade and investment agreement and aimed to sign a deal by November.
Speaking at a business conference in Jakarta, Indonesian Trade Minister Enggartiasto Lukita said an agreement could boost bilateral trade from 20 billion U.S. dollars in 2018 to 30 billion U.S. dollars in the next three years.
Indonesia had put the negotiations on hold in 2014 due to a change of government in Jakarta and various other technical reasons, said Iman Pambagyo, a trade ministry official.
Lukita said Indonesia reopened negotiations to avoid being "left behind," adding that Vietnam's trade with South Korea had reached 60 billion U.S. dollars.
"South Korea has so much potential for investment and trade," he said, adding it was the fifth-largest foreign direct investor in the Southeast Asian nation.
South Korea was seeking to collaborate in technology and heavy industries, including chemical and construction sectors, South Korean Trade Minister Kim Hyun-chong told the conference.
Indonesia aims to increase export of agriculture and fishery products, as well as textiles and machinery to South Korea, trade officials said.
Source(s): Reuters