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South Korea, Indonesia Eye Cooperation in Eight Large Projects
Delegations from Indonesia and South Korea meeting for the two-day Korea-Indonesia Jeju Initiative in Jeju, South Korea, have agreed to cooperate on eight large-scale projects in Indonesia, the office of Indonesia's coordinating minister for the economy said on Friday 11 October 2012.The projects are estimated to have a total value of $50 billion, the statement from Hatta Rajasa's office said. The initiatives were identified as the Sunda Strait bridge; a compressed natural gas project; the Bengkulu-Muara Enim railway; restoration of the Ciliwung River; an agro-based industry cluster; the Batam-Bintan
bridge; a coal-fueled power plant in South Sumatra; and a representative office building for Daewoo Shipbuilding & Marine Engineering.
Hatta and the Indonesian delegation to the Jeju gathering held meetings with a number of government officials in the economic sector, as well as South Korean businessmen, to explore bilateral cooperative opportunities with an emphasis on drawing Korean investment to several projects of the Indonesian master plan for economic development, known as MP3EI.
"Joint commissions and working groups such as these are very important in strengthening relations between the two countries," Hatta was quoted as saying in Jeju.
He said they were also important in helping achieve the two nations' targeted bilateral trade volume — $100 billion by 2020 — and also in boosting Korean investment in Indonesia. Total trade between the two countries last year reached $29.4 billion, up from 2010's $20.3 billion.
In the January-April period of this year, trade between South Korea and Indonesia hit $9.8 billion, up 12.7 percent from the same period in 2011.
Exemplary of the kind of exchange hoped for, two large South Korean companies, Pohang Iron & Steel Company and Honam Petrochemical, are planning to build plants in Indonesia to help increase steel production and petrochemical output here. (The Jakarta Globe)