The South Korean company Chungbuk Technopark and the Batang Integrated Industrial Zone (KITB) have signed a memorandum of understanding to work together to support the growth of MSMEs and the industrial sector.
“This collaboration includes organizing conferences, seminars, and workshops, with a particular focus on the role of innovation, startups, and entrepreneurship,” said Ngurah Wirawan, CEO of KITB, in a statement received on Sunday in Batang, Central Java.
A government non-profit in South Korea called Chungbuk Technopark supports MSME business programs and has a strong emphasis on industrial growth.
The governor of Chungcheongbuk-do Province in South Korea, Kim Young Hwan, declared that his local government would support KITB and start investments there.
Because Central Java has a wealth of marine and natural resources and Chungcheongbuk-do is a landlocked province without access to the sea, Governor Kim claimed that this collaboration will be advantageous for both parties.
“Therefore, Chungcheongbuk-do Province is very interested and will promptly begin its investment in KITB, expecting greater synergy,” he said.
The presence of businesses in Central Java’s Batang Integrated Industrial Estate (KIT) was praised by President Joko Widodo (Jokowi) as having the ability to create jobs for people and increase state revenue through various tax opportunities.
The president noted that because practically all sectors in KIT are export-oriented, the industrial estate will help boost the country’s foreign exchange.
“(The industrial zone) would also benefit our balance of trade, as almost all industries (in the zone) are export-oriented,” Jokowi noted in his press statement after observing the KCC Glass project in the Batang KIT.