BKPM Signs Cooperation Agreement With Woori Bank to Boos Investment

Jakarta (Antara Bali) - Indonesia's Capital Investment Coordinating Board (BKPM) has signed an initial agreement with South Korea's Woori Bank to strengthen partnership and to boost investment cooperation between the two countries.

The memorandum of understanding was signed here on Friday night between BKPM chief Franky Sibarani and president director and chief executive of Woori Bank Kwang Goo Lee after the second Indonesia Korea Joint Commission Meeting in Seoul , South Korea.

Franky said in a statement issued in Jakarta on Saturday the cooperation had two strategic goals.

"The first is to boost foreign direct investment by Korea in Indonesia vice versa," he said.

The second is strengthen partnership between business players from the two countries, he added.

Franky said the priority of FDI is in infrastructure sector including roads, schools , hospitals and industries.

On the other hand Woori Bank would facilitate Indonesian investors wanting to do business in South Korea such as by opening account in Korea and Indonesia and in launching initial public offering (IPO), he said.

"The government encourages Indonesian businessmen to expand operation and networks as well as market abroad while improving technological capability to be used in Indonesia later," he said.

Based on data at BKPM, from 2010 to 2015 South Korea FDI in Indonesia was worth nearly US$8 billion in more than 4,000 projects in the sectors of metal, machine and plastic industries, rubber and rubber goods industries , mining , chemical and pharmaceutical industries.

"In the period, the Korean investment projects provided jobs for more than 770,000 Indonesians," he said.

Woori Bank, which was established in 1899 has units in various countries including in Asia, Australia, Europe and Africa.

In 2014, Bank Woori Indonesia, was merged with Bank Saudara using the name of Bank Woori Saudara in 2015. (WDY)