ASEAN-ROK Summit Features: S. Korea, Indonesia relations
- 5 years ago
Korea's new economic pact with Indonesia is expected to create synergy between Asia's fourth largest economy and the fourth most populated country in the world.
Our Oh Soo-young tells us where the two countries stand in trade... and what we can expect through stronger cooperation.
Known for its fiery volcanoes and scenic beaches, Indonesia is the world's largest island country, home to an estimated 261 million people.
Abundant with natural resources, and a fast-growing population of young workers,... the country's economy is the largest in the ASEAN regional bloc,... and the 16th largest in the world.
Indonesia's GDP has been growing at an average of 5 percent a year since 2015, hitting 1 trillion U.S. dollars last year,... with per capita income of 3-thousand 7-hundred dollars.
There's plenty of room for further growth as its young demographics could drive up productivity as well as private consumption.
But greater trade and investment is needed to increase its market capacity, technology and infrastructure.
South Korea and Indonesia have been trading since the late 20th century,... with their trade volume reaching 20 billion dollars last year.
Indonesia posted a trade surplus of nearly 3 billion dollars, with goods to Korea mostly consisting of coal, fuel and clothing.
South Korea, in return, exported machines, metals, knitted fabrics and semiconductors worth 8-point-4 billion dollars.
The new Comprehensive Economic Partnership Agreement reached by the two countries is expected to deepen trade ties,... going above and beyond a traditional free trade agreement.
"This pact is wider-ranging than a FTA, aiming to remove barriers to both investment and trade so that Korean companies can set up factories and infrastructure there, distribute workers' wages, and then boost trade between the two countries."
Korea was Indonesia's seventh largest foreign investor in 2018.
Companies like steelmaker POSCO have been partnering with local firms and downstream industries to turn the area into a regional powerhouse.
With stronger trade links and cooperation on the cards,... the two countries are expected to see a boost in tourism and exchanges.
In 2018, 234-thousand South Koreans visited Indonesia,... while 249-thousand Indonesians visited South Korea.
Oh Soo-young, Arirang News.
Our Oh Soo-young tells us where the two countries stand in trade... and what we can expect through stronger cooperation.
Known for its fiery volcanoes and scenic beaches, Indonesia is the world's largest island country, home to an estimated 261 million people.
Abundant with natural resources, and a fast-growing population of young workers,... the country's economy is the largest in the ASEAN regional bloc,... and the 16th largest in the world.
Indonesia's GDP has been growing at an average of 5 percent a year since 2015, hitting 1 trillion U.S. dollars last year,... with per capita income of 3-thousand 7-hundred dollars.
There's plenty of room for further growth as its young demographics could drive up productivity as well as private consumption.
But greater trade and investment is needed to increase its market capacity, technology and infrastructure.
South Korea and Indonesia have been trading since the late 20th century,... with their trade volume reaching 20 billion dollars last year.
Indonesia posted a trade surplus of nearly 3 billion dollars, with goods to Korea mostly consisting of coal, fuel and clothing.
South Korea, in return, exported machines, metals, knitted fabrics and semiconductors worth 8-point-4 billion dollars.
The new Comprehensive Economic Partnership Agreement reached by the two countries is expected to deepen trade ties,... going above and beyond a traditional free trade agreement.
"This pact is wider-ranging than a FTA, aiming to remove barriers to both investment and trade so that Korean companies can set up factories and infrastructure there, distribute workers' wages, and then boost trade between the two countries."
Korea was Indonesia's seventh largest foreign investor in 2018.
Companies like steelmaker POSCO have been partnering with local firms and downstream industries to turn the area into a regional powerhouse.
With stronger trade links and cooperation on the cards,... the two countries are expected to see a boost in tourism and exchanges.
In 2018, 234-thousand South Koreans visited Indonesia,... while 249-thousand Indonesians visited South Korea.
Oh Soo-young, Arirang News.