Sangui Discusses Cooperation Plans with Indonesia for Supply Chain Reorganization

Request for Support and Cooperation in Hosting the 2030 Busan World Expo

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] The Korea Chamber of Commerce and Industry (KCCI) announced on the 28th that it discussed cooperation plans for reorganizing the global supply chain based on the Free Trade Agreement (FTA) with the governments and major business leaders of both countries at the Indonesia B20 event held at Lotte Hotel in Sogong-dong.

The event was organized to promote the upcoming 'Group of Twenty (G20)·B20 (Global Business Summit)' event scheduled to be held in Bali, Indonesia, this November, in conjunction with Indonesian President Joko Widodo's visit to Korea, and to discuss ways to revitalize economic cooperation between the two countries. It was hosted by the Indonesian Chamber of Commerce and Industry and the Embassy of Indonesia in Korea.

Attendees included Woo Tae-hee, the Executive Vice Chairman of KCCI, representatives from major domestic companies and financial institutions operating in Indonesia, and over 80 participants from the Indonesian side, including Arshad Rasjid, Chairman of the Indonesian Chamber of Commerce and Industry, and Sinta Widjaja Kamdani, Chairperson of Indonesia B20.

Vice Chairman Woo said, "Indonesia, the largest economy in ASEAN, is receiving global attention as the G20 chair country this year. The two countries, which were excellent partners during past economic growth, are now developing into a new stage of cooperation. Combining Korea's technology and capital with Indonesia's abundant resources and labor force is expected to create significant synergy."

He continued, "In response to the rapidly changing global trade environment, including the deepening instability of the global supply chain caused by recent events such as the Ukraine crisis, it is important to expand economic cooperation, including trade and investment between the two countries, as well as supply chain collaboration."

He requested continuous interest and support from the Indonesian government to ensure smooth business operations and resolve difficulties faced by Korean companies operating in Indonesia. He also urged the Indonesian side to promptly ratify the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA) and the Regional Comprehensive Economic Partnership (RCEP) so that companies from both countries can enjoy practical benefits.

Additionally, he introduced the theme of the 2030 Busan World Expo and the attractiveness of the host city, Busan, asking for support in attracting the Busan Expo. Vice Chairman Woo said, "Issues such as climate change, rapid industrial transformation, and global conflicts caused by wars are not problems of the distant future but of the present. Please evaluate Korea's competitiveness, which includes experience in overcoming crises, innovative technologies to respond to climate change, and K-culture, such as K-pop and K-movies, which are loved and empathized with worldwide," urging for support.

This content was produced with the assistance of AI translation services.