JAKARTA, March 14 (Xinhua) -- Indonesian and South Korean investment agencies signed on Tuesday a Memorandum of Understanding (MoU) aimed at jointly promoting investment.
The document was signed by heads of Indonesian Investment agency (BKPM) and Korea Trade-Investment Promotion Agency (KOTRA) during the Indonesia-Korea Business Summit held here.
"The MoU would pave the way for South Korean and Indonesian firms in developing their businesses in the two countries," head of BKPM Thomas Lembong said when addressing the summit.
The joint investment promotion was highly expected to boost investments in sectors identified to be vibrant in both countries, including manufacture, infrastructure, tourism, connectivity, information technology, e-commerce and creative economy.
Besides joint promotion, the MoU also covers exchange agreement on information, publication materials, market research and cultural understanding between the two countries.
South Korea is Indonesia's third largest investor nation after Singapore and Japan. The nation's investments in Indonesia were recorded at 7.5 billion U.S. dollars from 2012 to 2016, consisted of 7,607 projects across Indonesia.
South Korea is among Indonesia's largest trade partners with two-way trade value of 16 billion U.S. dollars in 2015.