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||27 November 2009
Indonesia, Switzerland set up joint economic commission
Indonesia and Switzerland signed Thursday a memorandum of understanding on a joint economic and trade commission that will boost bilateral cooperation in various sectors, the Jakarta Post reported.
The two governments discussed during a joint commission meeting that followed the MOU signing various cooperation agendas, including cooperation in the fields of trade, investment, tourism, development, industry, agro-industry, environment, energy and regional and multilateral economic cooperation issues.
For Indonesia the commission would serve as a regular consultation forum to support efforts to increase the country's exports of products and commodities to Switzerland and Swiss investment in the country.
Trade between the two countries in 2008 totaled $938.8 million, up by $229.7 million from the previous year.
Switzerland is the 15th biggest investor in Indonesia with accumulative investment reaching over $740,740 billion in 120 projects across the country. Swiss companies operating in Indonesia include Novartis, Holcim, Nestle, Roche, UBS, Credit Suisse and Ciba.
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