REPUBLIKA.CO.ID, JAKARTA -- The Ministry of Trade is working to boost non-oil and gas exports to Korea through facilitating business forums between the two countries and cooperating with Korea Importers Association (KOIMA).
"The series of activities is part of KOIMA's Purchasing Mission which is expected to create a balanced trade between Indonesia and Korea," an expert staff of the Minister of Trade on International Relations, Dody Edward, remarked in a written statement received here on Friday evening.
KOIMA is Korea's leading trade association that aims to promote and encourage trade in an attempt to contribute substantially to Korea's national economy.
Recognized globally, KOIMA is approved by the Korean government and plays a key role in national export and import growth. The Purchasing Mission is one of the main activities of KOIMA supported by the Ministry of Commerce, Industry and Energy of Korea and the Ministry of Foreign Affairs of Korea.
KOIMA Chairman Myoung Jin Shin also led 66 companies' representative of KOIMA delegation.
The event was also attended by Indonesian Ambassador to Korea Cecep Herawan and Korean Ambassador to Indonesia Tae-young Cho.
The resilience of the Indonesian economy to the global economic turmoil is considered to be quite good with positive growth in line with the country's per capita income growth of 4.64 percent. In January 2017, inflation was recorded at low point of 3.45 percent.
"The World Bank estimates that Indonesia's economic growth will reach 5.1 percent and inflation will be 4.3 percent in 2017. Indonesia and Korea have huge opportunity to increase cooperation," he remarked.
Korea's total investment in Indonesia in 2016 was US$ 1.06 billion. Meanwhile, the total of Indonesia-Korea trade worth US$13.68 billion in 2016 or decreased 15.79 percent as compared to the previous year.
Indonesia's export value to Korea stood at US$7 billion in 2016 or decreased 17.53 percent in the last five years. While in January-April 2017, Indonesia's exports to Korea worth US$2.64 billion or an increase of 14.09 percent over the same period in the previous year.
The value of Indonesia's imports from Korea amounted to US$6.67 billion in 2016 or decreased 13.82 percent in the last five years, while in January-April 2017, Indonesia's imports from Korea amounted to US$2.11 billion or an increase of 30.81 percent as compared to last year.
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