Saudi minister to visit Indonesia

JAKARTA (JP): Saudi Minister of Industry and Electricity Hashem Abdullah Yamani, leading a delegation of 30 business executives, will arrive here next Tuesday for a three-day visit to promote trade and investment relations with Indonesia.

The executive chairman of the Middle East Committee of the Indonesian Chamber of Commerce and Industry, Muchrim Hakim, said that the business delegations of the two countries will exchange views and information in efforts to explore the possibilities of establishing investment joint ventures and trade cooperation.

"Saudi private-sector investment in Indonesia is too small. We need to promote business opportunities to Saudi investors," Muchrim said.

Saudi Ambassador Abdullah Abdul Rachman Alim told reporters here yesterday that the Saudi minister will hold meetings with Indonesian ministers, while the business delegates will conduct discussions with their Indonesian counterparts.

Yamani will meet with, among others, Minister of Industry and Trade Tunky Ariwibowo, State Minister for Development Planning Ginandjar Kartasasmita, State Minister for Research and Technology B.J. Habibie, State Minister of Investment Sanyoto and Minister of Mines and Energy I.B. Sudjana.

Ambassador Alim said that Saudi Arabia adopts a free trade system, allowing its businesspeople to make investments anywhere they wish and to set up trade cooperation with partners of any other countries.

According to the Central Bureau of Statistics, Indonesia's trade deficit with Saudi Arabia soared to US$495.1 million last year from $267 million in 1994. Indonesian exports to the Kingdom last year surged to $943.28 million from 1994's $680.21 million, while its imports from the country rose only slightly, from $413.12 million in 1994 to $448.17 million, creating the trade deficit.

Muchrim said the private sectors of the two countries have been committed to further promoting their business relations by establishing liaison bodies.

"We will soon establish here the Indonesia-Saudi Arabia Business Council," he said. (riz)