Indonesia, S. Korea move ahead on joint economic cooperation

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Indonesia and South Korea made progress on joint economic cooperation during the third meeting of a joint committee made up of delegations from both sides on Wednesday in Seoul.

The Indonesian delegation is led by Coordinating Minister for Economy Hatta Rajasa, and the South Korean team is led by Trade and Energy Minister Yoon Sang-jick in Seoul, according to a statement released by the Indonesia coordinating ministry for economy.

The working group made progress during their meeting on a series of issues, including cooperation on the establishment of special economic zone, ship building, renewable energy use, infrastructure development, rice farming modernization, and production of eco-friendly car.

Minister Hatta said that both countries also explored cooperations on aviation industry, information technology and communication.

"I expect South Korea to commit to its promise of transferring technology, and of the establishment of the office of investment coordinating board in Seoul. I hope it will pave the way for South Korean investment coming into Indonesia," he said.

The two countries also have cooperations on energy sector, forestry and agriculture.

Wednesday's meeting coincided with the 40th anniversary of the establishment of diplomatic ties between Indonesia and South Korea.

In 2005, Indonesia and South Korea signed "Joint Declaration on Strategic Partnership to Promote Friendship and Cooperation in the 21st Century."

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