Indonesia-Korea Build Closer Friendship through Financial Cooperation
- Press Release
VIVA – Indonesia and Korea co-organized a business forum to commemorate the 50th anniversary of Indonesia and Korea diplomatic relations with the title “Developing Closer Friendship and Stronger Partnership through Enhanced Financial Cooperation,” on February 20, 2023.
This forum was held by the Indonesian Embassy in Seoul and the Korean Financial Supervisory Services (FSS), with the support of the Indonesian Financial Services Authority (OJK) and Indonesian State-Owned Bank Negara Indonesia (BNI) Seoul.
In his welcoming speech, the Ambassador of the Republic of Indonesia to South Korea, H.E. Mr. Gandi Sulistiyanto stated that besides its strong economic growth and political stability, the Indonesian government is committed to improving the financial services sector's inclusion and firmness.
Ambassador Sulis further highlighted the promising economic growth in Indonesia, which recorded a 5.31% growth last year and a significant rise in FDI realization and total trade with the world, which reached 34% and 23.7%, respectively.
He continued that Indonesia's current growth trajectory is the main reason Korean financial companies are confident in Indonesia as their primary business expansion destination.
"The business forum marked the increased closeness and collaboration between Indonesia and Korea's financial sector, which will further catalyze our bilateral cooperation," the Ambassador remarked.
In the same occasion, representing the ROK Government, Mr. Lee Joon Soo, Senior Deputy Governor of the Financial Supervisory Services (FSS) of Korea, emphasized that Indonesia is currently the fourth largest market for Korean financial companies.
"The business forum can help Korean companies have a better understanding of the OJK's regulatory and supervisory directions so that they are well-positioned to contribute to the development of the financial industry and consumer protection," he said, adding that the partnership between Indonesia and Korea has developed to the next level.
After that, Deputy Governor Lee also invites more Indonesian financial companies to establish businesses in Korea, where the FSS will proactively support them.
Ilustrasi Pertumbuhan Ekonomi/Realisasi Investasi.
- VIVA/M Ali Wafa
Chairman of the Indonesian Financial Authority (OJK) was present at the event as the Guest of Honor and Keynote Speaker, H.E. Mr. Mahendra Siregar. He delivered a keynote speech outlining several policy priorities for OJK in 2023.
The policy priorities include, among others, the strengthening of financial services through regulation, supervision, education, and consumer protection. Moreover, economic growth should be pursued by optimizing the role of the financial sector, said Mahendra Siregar.
Another priority is to improve services and strengthen the capacity of OJK by accelerating an integrated licensing process and enhancing coordination with all stakeholders. The Chairman also highlighted the approach taken by OJK to ensure the creation of sustainable financing to spur economic growth.
"The financial regulatory sector must play an important role in providing incentives and financial support to the Indonesian government's efforts in developing mainstream industries, such as nickels, to support the development of battery-powered electric vehicles," he said.
The Business Forum on Financial Cooperation was the start of a series of activities to celebrate the 50th anniversary of Indonesia and Korea's diplomatic relations here in Korea, especially in the economic sector, organized by the Indonesian Embassy in Seoul.
It is also a year that marks Indonesia's Presidency of ASEAN, launched in Jakarta last January by H.E. Mr. Joko Widodo, the President of Indonesia.
The forum was held at the Seoul Dragon City Convention and was attended by around 100 guests consisting of leaders and representatives from Korean financial institutions, including banks, asset management companies, insurance companies, and securities companies, many of which are already operating in Indonesia.
