South Korean ambassador to Indonesia Cho Tai-young commemorated Korean National Foundation Day on Thursday by pledging to continue discussions on the comprehensive economic partnership (CEPA) made with Indonesia, in order to further boost bilateral trade.

'€œDespite not being neighboring countries, the leaders of both countries have visited each other'€™s countries numerous times since 2007, thus showing the depth of our relationship. We will continue to hold talks on the CEPA so that we can boost our trade,'€ Cho said at the national day event at the Grand Hyatt Hotel in Central Jakarta on Thursday.

In June 2014, both countries failed to reach an agreement on CEPA because of disagreements over investment guarantees and market entries. Cho has vowed to make sure the talks continue. The event, which also commemorated South Korean National Armed Forces Day, was attended by several Indonesian officials, including former president BJ Habibie and vice president-elect Jusuf Kalla, who gave a speech outlining the importance of Indonesia'€™s relations with Korea.

'€œI hope that the relationship between Korea and Indonesia will continue to grow further with the new government,'€ Kalla mentioned in his speech.

South Korea contributed up to US$2.21 billion in direct investment to Indonesia in 2013, making Indonesia the seventh-largest investment destination for South Korea in that year. Bilateral trade totaled $21.1 billion from January to November 2013, with Indonesia'€™s main exports to South Korea having been natural gas, coal and crude oil. Both countries aim to increase their total volume of trade to $100 billion by 2020.

South Korean companies, such as electronics giant Samsung, tire company Hankook Tire and retail chain Lotte, have invested heavily in Indonesia over the last few years, generating economic growth and strengthening the economic relationship between the two countries.

Korean National Foundation Day, or Gaechonjeol, is a public holiday celebrated in South Korea that commemorates the nation'€™s founding by Dangun Wanggeom in 2333 BC. Dangun was considered the first leader of the Korean people.

Diplomatic relations between South Korea and Indonesia were formally established in 1973 and both nations have maintained a close political, economic and cultural relationship ever since. Indonesia maintains an embassy in Seoul, while South Korea has an embassy in Jakarta. (dyl)

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