REPUBLIKA.CO.ID, SEOUL – The trade volume of Indonesia-South Korea increased three times on 2011 from 2007, Indonesian President Susilo Bambang Yudhoyono (SBY), said during his visit to South Korea, recently.

“From 10.8 billion USD become 30 billion USD,” he said in his speech, reported by Nasihin Masha from Republika. The event was presented by Indonesian and South Korean Chamber of Commerce. Minister of Trade, Gita Wirjawan; Minister of Industry, MS Hidayat; Chairman of Indonesian Chamber of Commerce, Suryo B Sulisto; and Chairman of National Economy Committee, Chairul Tanjung were among the attendee.

SBY said the fast growing of Indonesian-South Korean trade started from 2006 when both countries signed strategic partnership. “The cooperations are firmer, more systematic, and structured. The scope widened and the substance deepened,” he said.

Indonesia and South Korea also negotiated on Comprehensive Economic Partnership Agreement (CEPA) and Jeju Initiative on 2012. They also build Korea-Indonesia Economic Cooperation Committee to accelerate strategic partnership with the first meeting on February 28, 2012.

SBY is optimistic that Indonesia-South Korea trade volume will reach the target of 50 billion USD in 2015, then hikes to 100 billion USD in 2020. He emphasized that South Korea was the fifth top investor in Indonesia and praised its presence during the crisis in 1990s.

“During the crisis, all company left Indonesia except South Korean,” he said.

In addition, Indonesia is boosting industrialization. On 2012, the world consumption on steel reached 1,400 million tonnes. “In 2012, steel production will increase,” he added. 

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