Asia-Pacific

S Korea expected to invest $12b in Indonesia

(Xinhua)
Updated: 2011-02-16 15:37

SEOUL - South Korean President Lee Myung-bak on Wednesday met with a presidential delegation from Indonesia and pledged support for economic development projects of the Southeast Asian nation, his office Cheong Wa Dae said.

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Lee and the delegation, led by Indonesia's coordinating economic minister Hatta Rajasa, shared their views on strengthening bilateral economic ties by South Korea's participation in the Indonesia Economic Development Corridors ( IEDCs), the Cheong Wa Dae said in a press release. The IEDCs are mostly focused on developing Indonesian industries and building infrastructure.

The delegation, six of whom are ministerial-level officials, called for active support from the South Korean government and companies for their economic projects, and Lee vowed to seek a reciprocal, "win-win cooperation strategy," according to the press release.

The president said local firms should expand investment in Indonesia and take part in their infrastructure-building, and called for a two-way free trade agreement between Seoul and Jakarta, the Cheong Wa Dae said.

South Korean firms, mostly in the steel, retailer and tyre industries, are expected to invest some $12 billion in Indonesia.