The President of Indonesia, Joko Widodo (Jokowi), has made a working visit to three countries in East Asia. The three countries are China, Japan, and South Korea. Jokowi managed to get an investment fund of Rp. 185 Trillion from the three visits. What are they?
Previously reported, Jokowi’s working visit to China, Japan, and South Korea carried a mission to strengthen cooperation in the economic sector, be it trade and investment. This is done during an increasingly uncertain world situation.
During his visit to the three countries, Jokowi did have a meeting with big-name investors from Japan and South Korea. Jokowi managed to reach an investment agreement with a total value estimated at more than Rp 185 trillion.
First Visit: China
Jokowi met with Chinese President Xi Jinping and Chinese Premier Li Keqiang on Tuesday (26/7/2022). During the meeting, Jokowi brought the mission of strengthening economic cooperation in the fields of trade and investment.
However, during the Indonesia-China meeting, it was not stated how much the total value of investment and trade was agreed upon. However, China conveyed its commitment to increase imports of 1 million tons of crude palm oil from Indonesia.
In addition, China will also prioritize imports of agricultural products from Indonesia. The leaders also agreed to develop a green industrial area that is being built in North Kalimantan.
Second Visit: Japan
Jokowi met with Japanese Prime Minister Fumio Kishida on Wednesday (27/7/2022). The two countries agreed to strengthen cooperation in the fields of trade and investment, one of which is the renewal of the Indonesia-Japan economic partnership (IJEPA).
In particular, Jokowi asked Japan to provide support for reducing tariffs for several Indonesian products and commodities, including tuna, bananas, and pineapples. In addition, he also asked for market access for mango products.
Jokowi also had a chance to have a meeting with big company officials. Example, Toyota Motor Group Corp., Sojitz Corp., Mitsubishi Group Corp., Denso Corp., Sharp Corp., Inpex Corp., to Kansai Electronic Power.
“I really appreciate the quality of Japanese investment. However, I also hope that Japanese investors will consider its competitiveness. So that they can compete with other investors in Indonesia,” said Jokowi, Wednesday (27/7/2022).
“In short, good quality, competitive prices, that’s what we expect and I believe Indonesia is still one of the best investment places,” he continued.
On this occasion, Jokowi apparently pocketed an investment commitment of US$ 5.7 billion or equivalent to Rp. 85 trillion from a Japanese company. Starting from Toyota, Sojitz, Mitsubishi, Denso, Inpex, and Sharp.
Third Visit: South Korea
On Thursday (28/7/2022), Jokowi held a meeting with President Yoon Suk Yeol. The two leaders of countries witnessed the cooperation between the Ministry of Investment/BKPM and the Ministry of Trade, Industry, and Energy of the Republic of Korea to increase sustainable green investment.
Second, the protocol for changing the MoU between the Ministry of Public Works and Public Housing of the Republic of Indonesia and the Ministry of Land, Infrastructure, and Transportation of the Republic of Korea regarding technical cooperation in the transfer and development of the State Capital (IKN).
Third, the MoU between the Coordinating Ministry for Maritime Affairs and Investment of the Republic of Indonesia and the Ministry of Maritime Affairs and Fisheries of the Republic of Korea regarding maritime cooperation.
Before meeting the President of South Korea, Jokowi also had a meeting with the country’s number one CEO. On this occasion, Jokowi managed to attract investment commitments from 10 big investors amounting to US$ 6.72 billion or equivalent to Rp 100.6 trillion.
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