The IKCEPA could be enforced in January 2023, Coordinating Minister for Economic Affairs Airlangga Hartarto said in an official statement on October 5 congratulating the people and Government of the Republic of Korea on their country’s National Foundation Day (October 3).
He noted that in addition to the IKCEPA, Indonesia and the RoK have ratified the Regional Comprehensive Economic Partnership (RCEP) Agreement that will strengthen bilateral relations, especially in economy, trade, and investment.
The official expressed his belief that relations and cooperation between the two countries can become stronger in line with the aspirations and wishes of their people.
RoK Ambassador to Indonesia Park Tae-sung said that the friendship and partnership between the countries have grown stronger.
Bilateral ties were elevated to a special strategic partnership, specifically in the electric vehicle and battery sector, which is a showcase for mutually beneficial cooperation, he noted, adding that the close relations are also marked by the Joint Committee on Economic Cooperation Forum routinely held at the ministerial or senior official level.
Statistics show that bilateral trade reached 18.4 billion USD in 2021, up 37.8% year on year. The RoK also ranked seventh among foreign investors in Indonesia, with total foreign direct investment of around 1.6 billion USD last year.
