Indonesia-Korea Build Closer Friendship through Financial Cooperation
- Press Release
VIVA – Indonesia and Korea co-organized a business forum to commemorate the 50th anniversary of Indonesia and Korea diplomatic relations with the title “Developing Closer Friendship and Stronger Partnership through Enhanced Financial Cooperation,” on February 20, 2023.
This forum was held by the Indonesian Embassy in Seoul and the Korean Financial Supervisory Services (FSS), with the support of the Indonesian Financial Services Authority (OJK) and Indonesian State-Owned Bank Negara Indonesia (BNI) Seoul.
In his welcoming speech, the Ambassador of the Republic of Indonesia to South Korea, H.E. Mr. Gandi Sulistiyanto stated that besides its strong economic growth and political stability, the Indonesian government is committed to improving the financial services sector's inclusion and firmness.
Ambassador Sulis further highlighted the promising economic growth in Indonesia, which recorded a 5.31% growth last year and a significant rise in FDI realization and total trade with the world, which reached 34% and 23.7%, respectively.
He continued that Indonesia's current growth trajectory is the main reason Korean financial companies are confident in Indonesia as their primary business expansion destination.
"The business forum marked the increased closeness and collaboration between Indonesia and Korea's financial sector, which will further catalyze our bilateral cooperation," the Ambassador remarked.
In the same occasion, representing the ROK Government, Mr. Lee Joon Soo, Senior Deputy Governor of the Financial Supervisory Services (FSS) of Korea, emphasized that Indonesia is currently the fourth largest market for Korean financial companies.
"The business forum can help Korean companies have a better understanding of the OJK's regulatory and supervisory directions so that they are well-positioned to contribute to the development of the financial industry and consumer protection," he said, adding that the partnership between Indonesia and Korea has developed to the next level.
After that, Deputy Governor Lee also invites more Indonesian financial companies to establish businesses in Korea, where the FSS will proactively support them.
