Jokowi Seeks Korean Wave of Investments in Three Main Sectors
Jakarta. President Joko "Jokowi" Widodo promoted Indonesia to South Korean businessmen as a "great country loaded with natural resources and beautiful scenery" at the Indonesia-Korea Business Summit in Jakarta on Tuesday (14/03).
"Indonesia is not only a great country. It is also a beautiful country that spans from East to West longer than the distance between New York and Los Angeles. It is a true tropical paradise,” President Jokowi said during his keynote speech.
The president has been looking for more investment to come in from South Korea since his visit to the country last year. Organized by the Investment Coordinating Board, or BKPM, the Indonesia-Korea Business Summit was held to boost investment partnerships in three main sectors with South Korea.
BKPM head Thomas Lembong said those three sectors are creative economy, industry and tourism.
Thomas said Indonesia’s large young population and rich culture should lift its creative economy.
But the former trade minister lamented the tiny number of South Korean tourists in Indonesia. Only around 300,000 South Koran tourists visit Indonesia each year, a far cry from over a million who visit Malaysia and the Philippines.
In the industry sector, South Korea has been putting much of its investment in Indonesia’s steel and chemical industries, especially in manufacturing.
The manufacturing industry pulled in 71 percent of total investments from South Korea. According to BKPM data, between 2012 and 2016 South Korean companies invested $7.5 billion in 7,607 projects in Indonesia.
This places South Korea third in the list of major investors in Indonesia, behind Singapore and Japan.
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