Malaysia and Indonesia committed towards increasing trade to US$30 billion

Malaysia and Indonesia on Monday made a commitment to increase two-way trade to an estimated US$30 billion by 2015 despite being faced by short-term challenges.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said efforts would be made to promote and encourage private sector investments in both countries.

In 2012, total two-way trade between Malaysia and Indonesia stood at US$20 billion and was expected to grow to US$21 billion this year.

"As for Malaysia, I will lead a large mission to Indonesia next year to promote Malaysia as an ideal trade and investment destination.

"In general, Malaysia is well known for employment opportunities but not many know about the country's investment potential," he told Malaysian journalists after calling on Indonesian Minister of Trade Gita Wirjawan here on Monday.

Mustapa, who is on a three-day working visit to Jakarta to boost bilateral trade ties, held a series of meetings with Indonesian businessmen, entrepreneurs, Malaysian investors and officials of the People's Representative Council tasked with trade, small-and-medium industries and cooperative development.

Mustapa and his delegation also held discussions with officials of the Indonesian Investment Coordinating Board this evening.

He said Malaysia would assume the Asean chair in 2015 and in this regard would promote the country as an investment destination besides promoting intra-Asean trade.

"We will also encourage companies outside the region to continue investing in Asean.

"I am confident that Asean will emerge as a dynamic region in 2020 with the existence of the Asean Economic Community," he said.