A South Korean economic delegation, which included executives from the country’s four major conglomerates, met with Indonesian President Prabowo Subianto on Monday to explore ways to deepen economic cooperation.

The meeting at the Merdeka Palace in Jakarta marked the first official exchange between Korea’s economic leaders and Prabowo since he took office in October 2024.

Shin Dong-bin, chairman of Lotte Group and head of the delegation, said Korean businesses are eager to collaborate with their Indonesian counterparts in key sectors such as the downstream oil industry, renewable energy, infrastructure, and the digital economy. One of the areas which Prabowo has been paying attention to, the downstream sector involves processing raw materials into high-value-added products.

Prior to the meeting with Prabowo, the Korea-Indonesia Economic Cooperation Association held a Business Roundtable (BRT) with the Indonesian Business Association (APINDO) at the Langham Hotel.

In his opening remarks, Shin stated that “Korean companies are strategic partners that Indonesia needs to make the leap from a resource-centered economy to a value-creating economy.”

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