RI-RP trade continues to expand

MANILA (JP): Trade between Indonesia and the Philippines continued to expand last year but at the slower growth rate of 31.67 percent, down from 60.73 percent in 1995, according to data at the Indonesian embassy here.

The embassy's commercial attache, Achmadi, said yesterday bilateral trade was US$692 million in 1996 (as of November), up from $704 million in 1995 and $438 million in 1994.

"The final figure for last year may reach $740 million," he said.

Trade over the last three years has been in favor of Indonesia with a $432 million surplus last year, $446 million in 1995 and $296 million in 1994.

Philippine imports from Indonesia are mainly copper concentrates, anhydrous ammonia, urea, bituminous coal and other kinds of coal.

Achmadi said Indonesia imported mainly agricultural products like coconut oil, fresh and chilled shallots.

Meanwhile, the Philippines Chamber of Commerce and Industry and the Makati Business Group, a body grouping the Philippines' leading business groups, gave full support for the first ASEAN business summit which will be held in Jakarta next month.

Aburizal Bakrie, chairman of the Indonesian Chamber of Commerce and Industry, said more than 400 firms would participate in the event.

Aburizal, who is also the ASEAN Chambers of Commerce and Industry president, visited Manila as part of his ASEAN tour to promote the summit.

He also met yesterday with Philippines Minister of Trade and Industry Cesar Bautista.

The summit will promote ASEAN business and investment opportunities in five sectors: food and agriculture, automotive industry and capital goods, banking and insurance, franchises, and intellectual property rights and legal services and infrastructure.

The summit will gather business and government leaders from ASEAN countries and ASEAN's major trading partners.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. (icn)