Malaysia, Indonesia target US$30 billion bilateral trade

Malaysia and Indonesia are targeting bilateral trade between the two countries to clinch US$30 billion by 2015, Malaysian Prime Minister Mohammed Najib Abdul Razak said Tuesday. He said although the target is seen to be ambitious, the two countries believed the target was attainable, given the rapid pace of development taking place in the two neighbouring nations. “This is an ambitious target, reflecting the seriousness of the two governments to forge economic collaborations,” he told a joint media conference with Indonesian President Susilo Bambang Yudhoyono. Earlier, Najib held a bilateral meeting with Susilo to mark the Ninth Malaysia-Indonesia Annual Consultation, according to (Bernama) news agency. Between January and October, two-way trade between the two nations rose by US$1 billion to US$15.9 billion from US$14.9 billion in the same period last year, said Najib, who is also Finance Minister. The prime minister said both sides agreed to remove non-tariff barriers, which could impede bilateral trade, through joint trade investment committees. Last year, total trade between Malaysia and Indonesia amounted to US$18.3 billion. On investments, Najib said Malaysia was the sixth largest investor in Indonesia, while Indonesian investors are seen to be making substantial investments in Malaysia of late particularly in the hotel sector. At the same time, Najib said Malaysia would also create more business and investment opportunities for Indonesian firms. Meanwhile, Susilo said both sides agreed that there were still avenues to enhance economic collaborations between the two countries in the long run. He said the Indonesian economy has vast growth potential just like the Malaysian economy which “is seeing a healthy and vibrant growth.” “There is still bright potential for further cooperation and we have agreed to think of long-term economic cooperation,” he added.