REPUBLIKA.CO.ID, SEOUL -- Ministry of Trade would improve market access and investment to South Korea through negotiations in Indonesia-Korea Comprehensive Economic Partnership Agreement (IKCEPA). Indonesia-South Korea trade was targeted to reach 100 billion US dollars in 2020.

South Korean investment in Indonesia was quite large and was ranked fourth with a value of 6.82 billion US dollars, Trade Minister Thomas Lembong said. The largest investment sectors were in mining, basic metal, rubber, and leather industries.

"We greatly appreciate commitment of South Korean businessmen who are planning to increase its investment in Indonesia, especially in infrastructure, energy, iron, and petrochemicals, as POSCO, Hyosung, Lotte Chemical, BK Energy, and Hanwa," said Thomas, in a written statement, Wednesday (9/12).

Thomas explained, food and beverage products have a great opportunity to dominate South Korean market. In the period of 2010- 2014, South Korea's imports of processed food reached 8.1 billion US dollars with a growth of 7.55 percent per year.

Indonesia ranks 15th as supplier country with a market share of 1.8 percent. Meanwhile, Thailand and the Philippines entered into a five ranked as suppliers with the percentage of 6.57 percent and 6.88 percent.

"We have a pretty big chance to grab a share of imports of processed food products in South Korea," Thomas added.

Ikuti Whatsapp Channel Republika