House Supports Intensifying Indonesia-South Korea Bilateral Cooperation

Jakarta (Antara Bali) - Speaker of the House of Representatives Setya Novanto has expressed support to improving bilateral cooperation between Indonesia and South Korea in various fields within the framework of mutually beneficial partnerships for both nations.

"Moreover, Indonesia and South Korea had signed a Joint Declaration on Strategic Partnership in 2006 to improve economic, trade, and political relations between the two nations," Novanto stated after a meeting with Speaker of the Republic of Koreas National Assembly Chung Sye-kyun here on Thursday.

The speaker affirmed that South Korea was an important partner in the field of economy and trade.

"Trade between the two countries had decreased in recent years, but it was expected to increase in future," he stated.

The total volume of trade between the two countries amounted to US$22.5 billion in 2014, $16.1 billion in 2015, and $11.2 billion during the January-October 2016 period," he stated.

The chairman expressed optimism that the trade value between both nations could be increased as part of the efforts to develop economy and trade.

"I hope the investment value of the Republic of Korea in Indonesia can be revived as South Koreas investment in the third quarter of 2016 was worth $272.3 million in 499 projects," he affirmed.

He noted that the value of investment decreased as compared to the previous year, which reached $1,213.5 million in 2,329 projects," he revealed.

However, he praised the investment made by South Korean enterprises, such as POSCO, Hankook Tire, and Samsung, in Indonesia.

"The investment can help to develop Indonesias economy," he remarked.

Meanwhile, he said that Indonesia and South Korea should enhance cooperation in creating security and stability in the region.

"Indonesia invites countries in the region to use regional forums, such as the ASEAN Regional Forum (ARF) to find a peaceful solution to the problems of security in the region, including security issues plaguing the Korean Peninsula," he stated.

On the occasion, Sye-kyun stated that Indonesia and South Korea have established diplomatic relations in various fields, such as defense and infrastructure.

He lauded the bilateral relations and expressed hope that the relations would be enhanced.

"We promise to improve cooperation between the two countries," he revealed. (WDY)