Indonesia, South Korea ink business agreements worth US$18 billion

[Nike]

Indonesia, South Korea ink business agreements worth US$18 billion
Senin, 16 Mei 2016 19:22 WIB | 616 Views

Jakarta (ANTARA News) - Indonesia and South Korea have signed several business agreements valued at US$18 billion, Head of the Indonesian Investment Coordinating Board Franky Sibarani noted in a statement received by ANTARA here on Monday.

The business agreements comprise investment commitments by six companies amounting to $15.8 billion and four memoranda of understanding (MoUs) valued at $2.2 billion.

Sibarani explained that the business agreements covered the electricity sector, including renewable energy and industries, such as animal feed, filmmaking, footwear, and pharmaceuticals.

"These business agreements demonstrate that South Korea has trust in Indonesias potential areas of investment. The Indonesian government is conducting reforms in several regulations on investment of which some have run effectively," he remarked.

According to Sibarani, the board is confident that the South Korean investors, who have signed the cooperation documents, would be serious to realize their investments in Indonesia.

"President Joko Widodo affirmed that further steps will be taken to ensure that the business agreements can be realized. The board and the Indonesian Embassy in Seoul will monitor the realization process," Sibarani explained.

The six companies that have established investment commitments are KOGAS in the gas infrastructure field, with a value of $10 billion; Lotte Chemical in the petrochemical sector, with $4 billion; and CJ Group in the animal feed and film industries, with $2.1 billion.

The three other companies are Daewoong Pharmaceutical for manufacturing raw materials for the bio-pharmaceutical sector worth $100 million; Parkland in the footwear industry, with an investment of $83.5 million; and Posco for increasing the capacity of its phase II steel unit to 10 million tons.

Meanwhile, the companies that signed MoUs for investment were KOGAS (South Korea) and PDPDE South Sumatra (Indonesia) for the construction of a gas pipeline from Tanjung Api-Api to Bangka Island worth $600 million and between KORBI and PT Coffindo for the development of solar power plants, with an investment of $100 million.

The two other MoUs for investment were signed between Komipo, Posco Engineering (South Korea), and PT Sulindo Putra Timur (Indonesia) for developing a hydropower project in Southeast Sulawesi, with an investment of $230 million; and between Komipo, Samtan, PT Indika Multi International Energy, and Marubeni for the third phase of expansion of a power plant in Cirebon, West Java Province, with $1.27 billion investment.(*)

http://www.antaranews.com/en/news/1...ea-ink-business-agreements-worth-us18-billion

 

[CountStrike]

Lotte to expand investment in Indonesia

By Jhoo Dong-chan

Lotte Group Chairman Shin Dong-bin will meet Indonesian President Joko "Jokowi" Widodo during his three-day state visit to Korea which began Sunday.

According to a Lotte official, Sunday, Shin and Widodo will have a meeting at Lotte Hotel in central Seoul today, to discuss advancements of the group's investment and business in the country.

President Widodo is expected to promise full support for the group's advance into the country.

Lotte Group is currently operating a Lotte Department Store with two duty-free stores and 41 Lotte Marts as well as Angel-in-us cafes and Lotteria fast food restaurants in Indonesia.

Especially, Lotte Shopping Avenue that opened in the capital city of Jakarta in 2013 has reportedly gained huge popularity among Indonesians. Lotte Shopping Avenue is a shopping complex consisting of the group's affiliates such as its department store, duty-free store and Lotteria.

In 2010, Lotte Group's petrochemical unit Lotte Chemicals entered the Indonesian market by acquiring Southeast Asia's leading petrochemical company Titan Chemicals.

Lotte Group also signed a memorandum of understanding with the country's largest conglomerate Salim Group in a bid to enter Indonesia's e-commerce market. The two groups are expected to establish a joint corporation by the end of this year and launch the service next year.

President Widodo is also expected to have a summit with President Park Geun-hye on the same day and meet other Korean businessmen. He is accompanied by Coordinating Minister for Economic Affairs Darmin Nasution and Trade Minister Thomas Lembong.

Foreign Minister Retno Marsudi and Head of the Investment Coordinating Board Franky Sibarani came ahead of their president.

Widodo met with the Indonesian community in Korea at the Indonesian Embassy on Sunday morning.

Indonesia is now one of the world's top ten manufacturing countries and a core member state of the Association of South East Asian Nations (ASEAN) where over 2,200 Korean firms are conducting business.

Korea is reportedly the fifth-largest investor in Indonesia, with total investments reaching $1.2 billion while trade between the two countries peaked at $30 billion in 2011.
http://www.koreatimes.co.kr/www/news/biz/2016/05/602_204754.html

 

[Echo_419]

Lotte to expand investment in Indonesia

By Jhoo Dong-chan

Lotte Group Chairman Shin Dong-bin will meet Indonesian President Joko "Jokowi" Widodo during his three-day state visit to Korea which began Sunday.

According to a Lotte official, Sunday, Shin and Widodo will have a meeting at Lotte Hotel in central Seoul today, to discuss advancements of the group's investment and business in the country.

President Widodo is expected to promise full support for the group's advance into the country.

Lotte Group is currently operating a Lotte Department Store with two duty-free stores and 41 Lotte Marts as well as Angel-in-us cafes and Lotteria fast food restaurants in Indonesia.

Especially, Lotte Shopping Avenue that opened in the capital city of Jakarta in 2013 has reportedly gained huge popularity among Indonesians. Lotte Shopping Avenue is a shopping complex consisting of the group's affiliates such as its department store, duty-free store and Lotteria.

In 2010, Lotte Group's petrochemical unit Lotte Chemicals entered the Indonesian market by acquiring Southeast Asia's leading petrochemical company Titan Chemicals.

Lotte Group also signed a memorandum of understanding with the country's largest conglomerate Salim Group in a bid to enter Indonesia's e-commerce market. The two groups are expected to establish a joint corporation by the end of this year and launch the service next year.

President Widodo is also expected to have a summit with President Park Geun-hye on the same day and meet other Korean businessmen. He is accompanied by Coordinating Minister for Economic Affairs Darmin Nasution and Trade Minister Thomas Lembong.

Foreign Minister Retno Marsudi and Head of the Investment Coordinating Board Franky Sibarani came ahead of their president.

Widodo met with the Indonesian community in Korea at the Indonesian Embassy on Sunday morning.

Indonesia is now one of the world's top ten manufacturing countries and a core member state of the Association of South East Asian Nations (ASEAN) where over 2,200 Korean firms are conducting business.

Korea is reportedly the fifth-largest investor in Indonesia, with total investments reaching $1.2 billion while trade between the two countries peaked at $30 billion in 2011.
http://www.koreatimes.co.kr/www/news/biz/2016/05/602_204754.html

Don't eat this fascist snack, I gained 8 kgs from eating this alone

 

[katarabhumi]

Deviate a little from business and economy.. still on good relation between RI and South Korea.

..

President Jokowi awarded status of honorary resident of Seoul

Selasa, 17 Mei 2016 19:10 WIB

Seoul (ANTARA News) - President Joko Widodo (Jokowi) was awarded the status of honorary resident of Seoul by the citys Mayor Park Won-soon here on Tuesday.

"The reason for it is clear as he is close to the people," Mayor Park noted in his speech at the ceremony at Seouls History Museum where the ceremony to present the award was held.

Following his arrival at the venue, President Jokowi was welcomed by Mayor Park at the lobby of the museum at around 1:40 p.m. local time.

Several Indonesian officials, including Coordinating Minister for Economic Affairs Darmin Nasution, Foreign Minister Retno Marsudi, Presidential Chief of Staff Teten Masduki, and Presidential Special Staff for Communication Johan Budi, also attended the event.

Park, a Seoul resident, admitted to knowing President Jokowi being addressed as "Bang (brother) Jokowi."

He said the city government of Seoul had bestowed the award on Bang Jokowi due to his closeness and sound communication with the people of Indonesia.

Park said Seoul had established several cooperation agreements with cities in Indonesia.

While quoting an Indonesian proverb, which meant being together in good and bad times, the mayor expressed his intent to develop cooperation between Solo, the hometown of President Jokowi, and Seoul, bearing that spirit in mind.

"This demonstrates the close cooperation between Indonesia and South Korea, and so, once again, I wish to thank you for it," President Jokowi stated while lauding the residents of Seoul.

Jokowi said he had held a discussion with Mayor Park regarding the management of the city, including the efforts to overcome traffic jams and flooding.

"When I was the governor of Jakarta, I actually was keen to learn about ways to solve traffic jams and flood problems from Seoul, which is the sister city of Jakarta," he revealed.

After the ceremony, President Jokowi was scheduled to meet Governor of Gyeongsangbuk-do Province Kim Kwan-yong.

At 3:40 p.m. local time, President Jokowi will visit the Ajou University to receive an award from the Asia Journalist Association.

http://www.antaranews.com/en/news/1...-awarded-status-of-honorary-resident-of-seoul