What comes to mind when you think of Indonesia?
A population of 270 million, the fourth largest in the world, abundant natural resources such as coal and oil, lush tropical rainforests known as Borneo, a maritime nation stretching 5,000 km east to west
Indonesia is a central country in ASEAN, accounting for about 40% of ASEAN's economy, population, and territory. It is known as a country with great potential, and some of the world's leading economic institutions cite Indonesia as one of the top five economies by 2030.
Korean companies began investing in resource fields such as plywood in the late 1960s, followed by a lot of investment from labor-intensive industries such as sewing and footwear. Companies in Daegu, Gyeongsangbuk-do, and Gyeongsangnam-do led the initial investments. Recently, major domestic companies such as Samsung Electronics, LG Electronics, POSCO, Lotte Chemical, and Hyundai Motor have been investing in the Oceania market, including Southeast Asia.
While Korean companies mainly trade with China and Vietnam in Asia, they are increasingly looking to Indonesia as a new production base and export market. Every year, more and more domestic small and medium-sized enterprises are visiting Jakarta. Indonesia offers stable economic growth of 5~6% per year, a low average age, and serves as a bridgehead for entering the ASEAN and Islamic markets. Entering the Indonesian market can provide greater opportunities for Korean companies.
On the other hand, it is true that there is less understanding and information about Indonesia than one might think, considering its geopolitical location below the equator, its Islamic economic sphere referred to as Halal, and non-tariff barriers. Of course, various institutions have a variety of information about Indonesia, but it is not easy to find them one by one. In order to help regional small and medium-sized enterprises enter the Indonesian market, the Gyeongsangbuk-do Jakarta Office has compiled general information about Indonesia, various certification systems, customs clearance, wage systems, market information, and other experiences and information gathered so far.
