Deputy Minister Bang Gi-seon Urges Korean Companies to Participate in Indonesia's 40 Trillion Won Capital Relocation Project

Bang Ki-seon, Vice Minister of Strategy and Finance, is meeting with Bambang Susantono, Minister of the New Capital City Authority of Indonesia, on the 3rd at Songdo Convensia in Incheon Metropolitan City.

Bang Ki-seon, First Vice Minister of the Ministry of Economy and Finance, held a bilateral meeting with Bambang Susantono, Minister of the Indonesian New Capital Authority, on the 3rd to discuss ways to strengthen cooperation between companies of the two countries related to the relocation of the new capital.

Indonesia is currently promoting a new capital relocation project worth 40 trillion won by 20245, aiming to achieve balanced national development and solve urban problems such as traffic congestion.

This meeting was arranged as Bambang Susantono, Minister of the Indonesian New Capital Authority, attended a promotional event for Korean companies held during the Asian Development Bank (ADB) annual meeting.

During the meeting, Vice Minister Bang introduced himself as a salesperson and requested interest and support for the participation of Korean companies in the new capital relocation project. He also proposed supporting large-scale projects based on the Economic Development Cooperation Fund (EDCF) and deepening and expanding the Economic Innovation Partnership Program (EIPP).

The EDCF is a fund that the Korean government lends to developing countries at low interest rates and long terms to support their economic and industrial development. The government pledged to provide $1.5 billion in support from last year through 2026.

The EIPP is a program that provides policy advice on specific topics over several years to expand opportunities for Korean companies to participate in overseas projects, and it contributed to the enactment of the New Capital Act established in Indonesia last month.

Vice Minister Bang also proposed holding an online briefing session between companies of the two countries targeting companies interested in Korean technology if necessary. Additionally, he requested attention to allow EDCF participation in the construction of a submerged tunnel worth up to $1 billion connecting Balikpapan Airport and the new capital administrative center, for which a feasibility study is currently underway.

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