Jokowi brings back US$6.37B in investment from S. Korea visit

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Indonesia Korsel
President Jokowi met with South Korean President Yoon Suk-yeol. (Source: BPMI Setpres/Laily Rachev)

Jakarta, IO – Bilateral meeting between President Joko “Jokowi” Widodo and South Korean President Yoon Suk-yeol at the Yongsan Presidential Office, Seoul, Thursday (28/7) was a resounding success. The two leaders signed a number of cooperation agreements in several fields including the construction of Indonesia’s new administrative capital (IKN) Nusantara with an investment worth US$6.37 billion.

“I welcome the signing of the MoU between the Investment Ministry with POSCO Korea and Krakatau Steel Indonesia regarding investment in the automotive steel industry for electric vehicles and participation in the development of IKN with a total investment worth US$6.37 billion that will create more than 58,000 jobs,” said Jokowi on Friday (29/7).

Jokowi also conveyed that South Korean investment in Indonesia has been growing rapidly with bright outlook, especially in steel industry, petrochemicals, electric vehicle batteries, electric cable and telecommunications industries, as well as garments and renewable energy.