The Korea Asset Management Corp. (KAMCO) will seek to boost cooperation with its Indonesian counterpart through sharing knowhow on managing non-performing loans (NPL), the state-run organization said Wednesday
KAMCO and Indonesia's PT Perusahaan Pengelola Aset signed an agreement on the plan at the former's headquarters in southern Seoul the same day.
This is a follow-up of the Korea-ASEAN Commemorative Summit held in Busan in November, where President Moon Jae-in and leaders from 10 ASEAN member states agreed to set up a Korea-ASEAN Financial Cooperation Center in Jakarta in 2020.
Under the accord, the two entities will seek to exchange knowledge and strategies on resolving NPLs and host training sessions as well as conduct joint research.
"We hope that the agreement will contribute to the development of the finance industry between Korea and Indonesia and the strengthening of the countries' economic safety net," Cheon Kyeong-mi, KAMCO's executive director of the corporate support group said.
"KAMCO will seek to play a leading role in the government's policy focusing on Southeast Asia, through expanding overseas cooperation projects with KAMCO's core capabilities."
In 2000, KAMCO signed a partnership with the Indonesian Bank Restructuring Agency. Since 2017, when Indonesia's finance ministry officials visited KAMCO for benchmarking purposes, the two countries have been continuing cooperation and exchanges.
Since 2001, KAMCO has held 45 programs sharing its knowhow with 32 agencies of 15 countries including Thailand and China.