Indonesian Axis Maritime Program Needs Korean Industry's Support

Jakarta (Antara) - The Indonesian maritime axis program initiated by President Joko Widodo needs Korean industries that have proven their excellence in fields related to the maritime sector.

"There are several excellent Korean industries we can approach," Indonesian Ambassador to South Korea John A Prasetio said here Thursday.

According to him, one of the Korean industries is excellent in the technology of ship construction.

He added that the cooperation between Indonesian Financial Service Authority (OJK) and Korean Financial Supervisory Service (FSS) has opened huge opportunities to finance the infrastructure construction sector. "The Korean institution is ready to support projects in Indonesia," the ambassador noted.

Earlier, cooperation was established between the OJK and FSS to improve the supervisory capacity of finance in both countries. The cooperation was established through a Memorandum of Understanding (MOU).

According to Chairperson of the OJK Commissioner Muliaman D Hadad, the MOU approves the exchange of information and experts who will help make financial supervision more effective in each country, besides the supervision of cross-border activities.

"Indonesia and South Korea are members of the G-20 that deliberates how the financial industry can support the growth and development of economies. So, there can be some extension of activities from the MOU," Muliaman remarked.

Any potential for further cooperation will be adapted from the MOU as and when decisions are made by both countries. "In addition to facilitating effective monitoring, the cooperation will also encourage trade transactions between the two countries, which currently amount to more than US$30 billion," he added. (WDY)