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The 40th Anniversary of Economic Relations Between Korea and Indonesia
Region: Asia
Theme: Economics
Published June 16, 2014
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Korea and Indonesia have developed an increasingly robust economic relationship over the past 40 years. Since the two states
established diplomatic relationship in 1973, bilateral trade volume and Korean foreign direct investment (FDI) to Indonesia
have increased tremendously. At present, Korea and Indonesia are influential trade partners for each other, while Indonesia
has been an important place for Korean FDI for a long time. Korea has also enhanced efforts to help the development of
the Indonesian economy by strengthening cooperation on the governmental level and providing a substantial amount of
official development assistance to Indonesia. With technical assistance and knowledge sharing programs, Korea has helped
to enhance the quality of Indonesian institutions. With Korean-Indonesian Comprehensive Economic Partnership Agreement
(CEPA), the two countries would broaden the scope of tariff free items. If concluded, both states would get substantial
benefits. However, it will be difficult to finalize the deal soon as aligning the common interests of the two countries is
difficult, and the conditions of East Asian regionalism have changed recently. However, Korea and Indonesia will continue
good economic relations and advance them to a higher level in the future due to the complementary nature of their economies
and the development potential of Indonesia.

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