Choo Kyung-ho Highlights Efforts to Resolve Korean Companies' Difficulties in Indonesia

Deputy Prime Minister for Economy Choo Kyung-ho Meets Sri Mulyani Indrawati, Indonesian Minister of Finance, on the 3rd

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho emphasized on the 3rd during a meeting with the Indonesian Minister of Finance, “Please raise awareness of the issues faced by Korean companies, such as the reduction of import tariffs on raw materials and the shortening of the VAT refund period.”

According to the Ministry of Economy and Finance, Deputy Prime Minister and Minister Choo Kyung-ho held a meeting at 4 p.m. in Songdo, Incheon with Sri Mulyani Indrawati, the Indonesian Minister of Finance, who visited Korea on the occasion of the 56th Annual Meeting of the Asian Development Bank (ADB). They discussed bilateral economic cooperation issues and directions for cooperation to promote regional economic development.

Deputy Prime Minister Choo said, “Leading Korean companies are investing in Indonesia in sectors such as automobiles, batteries, steel, and petrochemicals to utilize Indonesia’s resources.” He then recalled the Indonesian government’s attention and efforts to resolve difficulties faced by Korean companies, such as the reduction of import tariffs on raw materials and the shortening of the VAT refund period, which were discussed at the first Korea-Indonesia High-Level Investment Dialogue held in March, to ensure smooth investment implementation.

Deputy Prime Minister Choo also mentioned that both countries should strengthen cooperation for regional economic development as the chair countries of ASEAN+3 this year and next year, stating, “Korea will actively participate in discussions on restructuring the financial framework to revitalize the CMIM and enhancing the capacity of the ASEAN+3 Macroeconomic Research Office.”

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