Finance Minister of Indonesia and Republic of Korea Agree to Boost Investment and Industry Collaboration

Nusa Dua, 15 July 2022 – To close the first day of the 3rd Finance Ministers and Central Bank Governors Meeting (FMCBG), the Minister of Finance of Indonesia held a physical bilateral meeting with Mr. Choo Kyung-ho, Deputy Prime Minister of the Republic of Korea (Korea), on July 15, 2022. This is the first meeting between the two sides after Choo was appointed as Deputy Prime Minister and Minister of Finance of Korea on May 11, 2022.

During the meeting, Choo appreciated Indonesia’s leadership as the G20 Presidency in maintaining the G20’s integrity amid unresolved political tensions. Choo also praised the Indonesian Presidency for several achievements of the Finance Track agenda. One of which is the establishment of a Financial Intermediary Fund (FIF). Deputy Choo also added the importance of collaboration with spirit of multilateralism in tackling various global risks that haunt the world.

The Minister of Finance thanked Korea for its support for the Indonesian Presidency. The Minister of Finance also congratulated the new Korean government and believed this could open many opportunities for stronger bilateral cooperation. “Not only business-to-business, Indonesia and Korea also have close people-to-people relations. One of them is through K-pop culture which is very popular in Indonesia, thus Korea has a positive image in the eyes of the Indonesian,” added the Minister of Finance.

Choo added that many Korean business people are interested in collaborating in the automotive, steel, and chemical industries. The Minister of Finance welcomed South Korea’s interest and added that the planned transformation of the energy sector and cleaner manufacturing (green energy and green industry) would widen opportunities for collaboration in these fields. “The potential for economic cooperation is still wide open, for example, Indonesia is currently carrying out a green energy transformation which also provides great opportunities for South Korean companies,” explained the Minister of Finance.

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