Indonesia and Malaysia team up to boost economy

The Jakarta Post ,   Jakarta  |  Tue, 03/17/2009 6:03 PM  

Indonesian President Susilo Bambang Yudhoyono, right, and Malaysian Prime Minister Abdullah Ahmad Badawi ride on a golf cart after their meeting at Merdeka Palace in Jakarta, Indonesia, Tuesday. AP/Dita Alangkara

The Indonesian and Malaysian governments on Tuesday agreed to mutually bolster private sectors of both countries, in efforts to develop economic ties.  

A joint trade committee between the two countries had been founded to enhance trade relations, Indonesian President Susilo Bambang Yudhoyono said. 

"The joint trade committee is in operation, and I think it will be even more effective in creating opportunities," Yudhoyono said after an annual consultation meeting with Malaysian prime minister Abdullah Ahmad Badawi at the Presidential Palace on Tuesday, tempointeraktif.com reports. 

Yudhoyono said the private sector and regional administrations would be at the forefront of the initiative, adding that regional administrations would also receive support from the central government. 

The total trade volume between Indonesia and Malaysia increased from US$11.5 billion in 2007 to $14.6 billion last year, he said. 

Following the establishment of three regional cooperative arrangements at the ASEAN Summit in Thailand [the Indonesia-Malaysia-Thailand Growth Triangle (IMT GT), Brunei-Indonesia-Malaysia-the Philippines East Asia Growth Area (BIMPI EAGS) and the Chiang Mai Initiative], Indonesia and Malaysia had decided to provide more opportunities for the private sector and regional administrations to contribute to the forums, Yudhoyono said. 

Meanwhile, Badawi said the forums were an excellent means to develop the regional economy. (amr)