Indonesia, S Korea ink 9 MoUs on economic co-op, investment

12:37, May 19, 2011      

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The governments of Indonesia and South Korea on Wednesday signed nine memorandum of understandings (MoUs) related economic cooperation and investment, the Jakarta Post reported here on Thursday.

Speaking after the signing, Coordinating Minister for the Economy Hatta Rajasa said that the business partnership agreements could make Indonesia as South Korea's main overseas investment hub in the world.

The MoUs signed by the two countries' senior government officials and business representatives cover partnership agreements in the fields of technology, textiles, machinery, maritime, aerospace, defense and solar photovoltaic, and among others.

The MoUs include hydroelectric power plant projects in Lampung province, shipyard collaboration between Daewoo Shipbuilding and Marine Engineering and PT Dok &Perkapalan Kodja Bahari to build projects for vessels and offshore facilities.

"We would like to see Indonesia becoming the main destination for South Korea's investment. In this light, we seek to broaden our trade and investment ties with South Korea," Hatta said in his opening remarks at the meeting.

South Korea is currently the sixth largest investor in Indonesia, with cumulative investment of 3.35 billion U.S. dollars over the last 10 years -- excluding investments in the oil and gas and banking sectors -- covering around 1,400 projects.

Source: Xinhua
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