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| Indonesian and South Korean entrepreneurs at the signing of a cooperation contract at Trade Expo Indonesia in BSD, Tangerang, Banten, which was held from October 9–12, 2024. (Source: ANTARA) |
PEWARTA.CO.ID - The Indonesian Ministry of Trade announced that a series of trade and investment agreements totaling US$296.10 million were secured during the 39th Trade Expo Indonesia (TEI), held from October 9 to 12, 2024. The agreements were part of a South Korean business delegation's visit to Indonesia, focusing on bolstering economic ties between the two nations.
The trade deals spanned multiple sectors, including food and beverages, spices, health services, wood pellets, chemical products, cosmetic manufacturing (OEM), frozen seafood, palm oil, coal, and soap. Additionally, they included investment plans in Indonesia's growing markets.
According to Zelda Wulan Kartika, Chargé d'Affaires of the Indonesian Embassy in Seoul, the embassy has been actively working to strengthen business relations between the two countries. This effort aligns with the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA), which has been in effect since January 1, 2023. Kartika led the South Korean business mission to the TEI, reflecting the growing collaboration under the partnership framework.
“Various business cooperation agreements between Indonesia and South Korea at the 39th TEI have the potential to encourage Indonesian product exports to South Korea, especially in the non-oil and gas sector, and to promote South Korea's investment in Indonesia," Kartika stated in a press release on Monday.
She further noted that Indonesia's non-oil and gas exports to South Korea have grown by 14.21% over the past five years (2019–2023), expressing optimism that this upward trend will continue with the support of IK-CEPA.
Significant business deals signed
Eko Prilianto Sudradjat, the trade attaché in Seoul, highlighted the signing of 12 trade and investment agreements worth US$286 million on the first day of the event, October 9. These agreements were formalized between business leaders from both countries and set the stage for deeper cooperation.
In addition, a business matching event organized by the Indonesian Embassy in Seoul on October 10 resulted in the signing of a memorandum of understanding (MoU) for the purchase of red ginger valued at US$100,000. This marked one of several agricultural trade deals secured during the expo.
On the third day of the TEI, further cooperation in the creative industries was announced, specifically focusing on talent development for the comic and web cartoon sector. This agreement included an investment framework valued at US$10 million, signaling strong interest in expanding cultural and creative exchanges.
Sudradjat emphasized that the TEI was a platform for networking and exploring new business opportunities. “Several networking activities were also held by Indonesian representatives in South Korea,” he said.
These activities included business-to-business (B2B) matching facilitated by the East Asia Directorate of the Ministry of Foreign Affairs, along with the Directorate of Market Development and Export Information, and the Directorate of Primary Product Export Development of the Ministry of Trade.
Promoting Indonesian agricultural products
One of the primary objectives of this year’s TEI was to showcase the potential of Indonesian agricultural products to the South Korean market. This was reinforced through collaborative efforts between government agencies and businesses, aiming to expand market access for Indonesian goods in East Asia. These efforts are expected to drive greater trade volumes, particularly in sectors such as agriculture, food products, and other primary exports.
The Trade Expo Indonesia has long been recognized as a key platform for Indonesian businesses to engage with international partners, and this year’s event demonstrated the growing significance of Indonesia-South Korea trade relations under the IK-CEPA framework. With substantial agreements in place, both nations are optimistic about future economic collaboration.
Through these initiatives, Indonesia hopes to enhance its export capacities and attract more foreign investment, ultimately strengthening its position in the global market.
Source: ANTARA
