The Republic of Korea (RoK) and Indonesia have agreed to intensify bilateral links across infrastructure, trade, investment, maritime affairs and energy.
Seoul (VNA) – The Republic of Korea (RoK) and Indonesia have agreed to intensify bilateral links across infrastructure, 🦄trade, investme��nt, maritime affairs and energy.
During Indonesian President Joko Widodo’s visit to the RoK from May 15-17, both sides signed a total of 11 memoranda of understanding to boost economic relations, following talks between the two Presidents.
Through a set of agreements over bilateral cooperation in constructing infrastructure such as power plants, gas pipelines and railways, the RoK seeks to join a series of Indonesia's development projects worth 6.7 billion USD.
Indonesia also launched a five-year development scheme to refurbish its infrastructure, including overland and maritime traffic networks in 2015.
Under a memorandum of understanding (MoU), the Korea Gas Corporation will form a consortium to participate in a 600 million USD project to construct a gas pipeline between Palembang and Bali in Indonesia.
Furthermore, Indonesia allowed the Korea Rail Network Authority to join the first stage of a 2.1 billion USD project to establish a 20-kilometer railway in Jakarta.
The two sides also signed a MoU to bolster joint work on various maritime affairs including maritime law, environment, security, logistics and fisheries.
Trade volumes between the two countries hit 16.7 billion USD last year.-VNA
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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