ASEAN KEY DESTINATIONS
Indonesia and Malaysia aim for $30b in trade by 2015
Both Malaysian Prime Minister Najib Tun Razak and Indonesian President Susilo Bambang Yudhoyono, who met during their annual consultation here yesterday, had agreed to open up their economies further to each other to spur bilateral trade and investment.
Najib said the figure was ambitious but judging by the trend, it was possible, citing the 2010 trade figure which was at $14.7 billion (44.1 billion ringgit) and $18.3 billion (54.9 billion ringgit) last year.
“We want to see Indonesia increase its investment in finance and banking. We believe that the economic integration between the two countries will be further strengthened as under the leadership of the President, Indonesia’s economy has grown positively,” Najib said in his remarks to the press after the meeting.
The Prime Minister said to further increase trade, the joint trade investment committee of both countries would look into the matter of non-tariff barriers.
Susilo, who was present, concurred with Najib, saying that both of them agreed that in the long term, there were still many areas waiting to be explored.
“We are thinking of long-term strategic economic cooperation apart from strengthening existing cooperation in tourism, education and military,” said Susilo.
However, they cautioned that any solution must be accepted by the people of their respective country.
Susilo said as two close neighbours, there would be hiccups along the way but they should not hinder the existing strong relations.
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