Apr 06 01:44Canada intensifies its investment in Indonesia's infrastructure sector
Jakarta (ANTARA News) - Indonesia and Canada agreed to intensify their economic cooperation through the private sector in a bid to enhance investment in Indonesia, especially in the infrastructure sector.
A release from the Trade Ministry made available to ANTARA News on Wednesday evening said that the plan to enhance private sectors` relations of the two countries bore fruit in a meeting between Trade Minister Mari E Pangestu and her Canadian counterpart David Emerson, in Vancouver, Canada, on April 1, 2006.
Mari said Canadian has a high interest to invest in Indonesia, so that intensity of the two countries` relations was not only at high-ranking officials but in the private sector as well.
"An agreement was then reached under the trade and investment facilitation mechanism," the minister said.
The agenda discussed in the meeting under APEC cooperation scheme accelarated WTO negotiations and cooperation designed to increase the capacity of small/medium scale companies in Indonesia.
As Canada was concerned, she added, Indonesia was an important destination in Asia after Japan and China.
"I have also invited Canada to participate in the Infrastructure Summit to be held in Indonesia in mid-2006," Mari said.
Canadian investment in Indonesia is focused on the mining, oil and gas as well as insurance sectors.
In the meantime, Canadian Trade Minister David Emerson said the package of improved investment climate issued by the Indonesian government was very interesting, especially in revising the investment bill.
"Canada is also keen to discuss a foreign investment protection agrement (FIPE) with Indonesia," Emerson said.
In 2005, trade between the two countries reached USD1.4 billion, up by 10.5 percent compared to that of 2004. Indonesia was the 17th biggest exporter to Canada, while Canada the 22nd destination of Indonesian exports.
At present, Indonesia is the third biggest rubber and cocoa exporter to Canada. In the future, Indonesia has a bright opportunity to increase its exports of garments, shoes, furniture, processed wood and electronic products. (*)