Published:  12:43 AM, 12 September 2018

S Korea, Indonesia pledge to boost economic ties

South Korea and Indonesia have agreed to strengthen bilateral ties and boost people-to-people exchanges, while their leaders expressed determination to increase bilateral trade to US$30 billion within the next five years.

"We have set a target for our bilateral trade to reach US$30 billion by 2022," Indonesian President Joko Widodo said at a press conference here on Monday (Sept 10).

Trade between the two countries amounted to more than US$17 billion last year, having increased nearly 20 per cent since 2016, reported Jakarta Globe. Joko held a summit with South Korean President Moon Jae-in on Monday during his three-day state visit to South Korea. The visit reciprocated President Moon's state visit to Indonesia in November last year.

During their last summit in Jakarta, they agreed to upgrade their countries' bilateral relationship to a "special strategic partnership" aimed at accelerating industrialization in Indonesia, increase economic and trade ties and people-to-people exchange.

"What I wish to see is efforts to further develop and strengthen the relationship between the countries and I will work to make sure we will be able to realize actual changes," Joko said in Seoul. 

The two leaders also vowed efforts to increase exchange between their people, agreeing to launch a new "young leaders' dialogue" at Joko's suggestion, reported Yonhap news agency.

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