economy

Indonesian-South Korean Business Meeting, Ministry Of Trade Supports Export Growth To South Korea

The Indonesian Ministry of Trade is dedicated to boosting exports of Indonesian products to South Korea. One of its efforts includes facilitating meetings between businesspeople from both countries through various business forums and matchmaking events. These meetings will also support the Ministry's priority programs, such as expanding export markets and enhancing the capabilities of Micro, Small, and Medium Enterprises (MSMEs) under the initiative "Innovative MSMEs Ready for Export."

This statement was made by Fajarini Puntodewi, the Director General of National Export Development at the Ministry of Trade, during the ASEAN-Korea Trade and Investment Facilities Mission to Indonesia in Jakarta on January 20. The event was organized through collaboration between the ASEAN Korea Center (AKC), the Korean Importers Association (Koima), the Ministry of Trade, the Indonesian Embassy in Seoul, and supported by Bank Rakyat Indonesia (BRI).

Puntodewi stated, "The business forum and matchmaking between Indonesian and South Korean entrepreneurs will help the Ministry of Trade expand export markets and enhance the MSME export initiative. This event is also beneficial for implementing the Ministry's export growth strategies. We hope for positive outcomes and an increase in our exports to South Korea."

Participants engaged in a business forum featuring presentations from representatives of the Ministry of Trade, BRI, and PT Indorasa Utama, representing Indonesian businesses. Following this, participants took part in a business matching session, with around 60 Indonesian entrepreneurs and 11 South Korean businesses in attendance.

Puntodewi noted that South Korea is one of Indonesia's key economic partners in East Asia. She highlighted that trade and investment relations between Indonesia and South Korea have grown significantly over the years, with total trade reaching USD 18.37 billion from January to November 2024.

"This makes South Korea one of Indonesia's most important economic partners in East Asia. Balanced trade shows how Indonesia and South Korea grow together for mutual prosperity, said Puntodewi.

Also present were the Acting Chargé d'Affaires of the Indonesian Embassy in Seoul, Zelda Wulan Kartika, the Chairman of the Korean Importers Association, Kim Byung Kwan, and the Head of the Trade and Investment Unit at the ASEAN-Korea Center, Win Min Phyoe.

Remaining a Key Partner

For 2025, Puntodewi predicts that South Korea will continue to be one of Indonesia's main trade partners. She emphasized the need to boost the performance of Indonesia's key export products to South Korea, such as coal, palm oil, chemical products, and wood products. This effort is crucial given the competition from other countries. Additionally, potential products should be promoted to enhance Indonesia's export performance. These include rubber products, wood pulp and paper, processed wood, meal, animal feed, and plastic products. According to the Trade Attaché in Seoul, Eko Prilianto Sudradjat, the high trade commitment in 2024 is due to the synergy between the Indonesian Ministry of Trade and the economic functions of the Indonesian Embassy in Seoul through trade diplomacy strategies. Eko mentioned that the first strategy is to enhance promotional activities involving more stakeholders. The second strategy involves opening communication and providing support for Indonesian businesses trying to enter the South Korean market. The third is collaboration with business associations to organize promotional events. The fourth is encouraging cooperation with government agencies, state-owned enterprises, and private sectors to support promotional activities and curate businesses that can export. "We implement these strategies to support the export of Indonesian products to South Korea and to pave the way for Indonesian SMEs looking to enter the South Korean market," concluded Eko.

Tag: Ministry Of Trade South Korea