Mon, 07 May 2007
KUALA LUMPUR (Antara): The Indonesian government has agreed to a proposal by Malaysia to set up a bilateral economic committee to handle the increasing flow of Malaysian investment funds to Indonesia.

"Malaysian Trade Minister Rafidah has proposed institutionalized meetings to be conducted in the form of a joint ministerial committee and her Indonesian counterpart Mari E Pangestu has agreed toit," Economic Attache of the Indonesian Embassy in Kuala Lumpur, Rahmat Pramono said on Sunday.

In 2006, Malaysia was the biggest investor country in Indonesia with investment worth US$2.2 billion, outperforming major investor countries so far such as Japan, South Korea and Taiwan.

Malaysia's business expansion to Indonesia included such sectors as automotive, banking and telecommunications.

"No specific time has been fixed for a meeting to discuss further the matter. Indonesia will likely propose various agenda to be discussed such as a proposal to raise the value limit of trade allowed by both sides in the border areas, logging issues and others," he said.(***)



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