Indonesia calls for establishment of Tehran-Jakarta bank

Iran and Indonesia are planning to establish a private bank in both countries to facilitate trade and commerce, Indonesian charge d'affaires in Tehran Aji Setiawan said. Setiawan made the remarks in a meeting with members of Iran Chamber of Commerce, Industries and Mines and some other Iranian business activists. “The trade exchange between Iran and Indonesia can enhance by removing the impediments,” he added. The Indonesian official invited Iranian businessmen to attend the 26th Indonesian International Trade Expo. As the world largest archipelago states, covering about thirteen thousand islands, Indonesia would stage the 26th international trade Expo, beginning October 19 to 23, 2011 in its capital Jakarta, and Kemayoran exhibition center. This expo is an annual event designed by the Indonesian government aimed to marketing for competitive Indonesia products and sharing technological know-how with the other countries. Trade attaché at the Embassy of Republic of Indonesia in Tehran, Fauzi Bustami, pointing to dlrs 1.29 billion trade between the two countries, called for expansion of economic relations between Tehran and Jakarta. Trade between Indonesia and Iran largely centers on activity in the energy sector, although it has begun expanding to other industries. Indonesia and Iran have agreed to cooperate on several joint development projects. Among the most important of them is a dlrs 6 billion joint refinery in Indonesia scheduled for completion in 2012. Apart from energy cooperation, Iran and Indonesia began discussing agricultural trade and other natural resource trade in March 2009. In May 2009, Indonesian ministers participated in a conference on foreign investment hosted in Tehran. The two countries also signed a memorandum of understanding in August 2009 in which they agreed to cooperate on technical and economic issues relating to housing and urban development.