Invest KOREA

According to Yonhap News,

(JAKARTA=Yonhap News) South Korea and Indonesia reached a series of business cooperation agreements Thursday that could be worth nearly US$2 billion if finalized.

The agreements were signed before the start of a business forum attended by South Korean President Moon Jae-in.

Moon arrived here Wednesday on a three-day state visit. He is set to hold a bilateral summit with his Indonesian counterpart Joko Widodo later in the day.

The agreements included a memorandum of understanding (MOU) for cooperation in the transportation sector, which was signed by the countries' governments, according to Seoul's presidential office Cheong Wa Dae.

An additional five MOUs that together could be worth $1.9 billion were signed by the private sector.

They included an agreement on cooperation on the second phase of Jakarta's Light Rail Transit development project.

The agreement for cooperation on Indonesia's Low Cost Housing program alone could be worth $230 million, Cheong Wa Dae said in a press release.

bdk@yna.co.kr

Copyrights Yonhap News.

All Rights Reserved.