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S. Korea to develop infrastructure projects worth us$50 billion in Indonesia

12th October 2012 | 2.894 Views
S. Korea to develop infrastructure projects worth us$50 billion in Indonesia
Hatta Rajasa. (ANTARA)
Jeju, South Korea (ANTARA News) - South Korea has agreed to develop eight infrastructure projects, worth a total of US$50 billion, in Indonesia.

The agreement was made at a Jeju Initiative meeting held between representatives from the two countries here on Friday.

"The agreement is expected to boost economic cooperation between Indonesia and South Korea. The implementation of the projects will be supervised by the two countries' representatives working at the Joint Secretariat, which was established in early 2012," said Hatta Rajasa, the Coordinating Minister for Economic Affairs, who led the Indonesian delegation to the Jeju Initiative meeting.

"The eight projects agreed upon during the meeting involve: the construction of Batam island (Riau Island province)-Bintan bridge; the restoration of Ciliwung river (Jakarta province); the construction of railway for coal transportation from Bengkulu province to Muara Enim (South Sumatra)."

Also the construction of Sunda Strait bridge connecting Sumatra and Java islands; the development of compressed natural gas (CNG); the construction of coal power plant in South Sumatra province; the opening of a new branch of Daewoo Shipbuilding and Marine Engineering (DSME); and the development of an agriculture-based multi-industry area, he added.

Meanwhile, South Korea`s Minister of Knowledge Economy, Sukwoo Hong, expressed hope that the new projects would boost relations between Indonesia and South Korea.