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410943
Thu, 06/30/2016 - 06:06
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Minister Mustapa To Lead Malaysian Delegation To 2nd JTIC Meeting In Jakarta

KUALA LUMPUR, June 30 (Bernama) -- Malaysian International Trade and Industry Minister, Mustapa Mohamed will lead a delegation to the Second Indonesia-Malaysia Joint Trade and Investment Committee (JTIC) meeting in Jakarta, Indonesia on June 30, 2016. The meeting, to be co-chaired with Indonesian Trade Minister, Thomas Trikasih Lembong, is a platform to strengthen trade and investment ties between both countries. "Through this platform, the proposed collaboration and emerging issues relating to bilateral economic relations can be discussed and settled diplomatically, constructively and orderly," said the Ministry of International Trade and Industry (MITI) in a statement here Wednesday. The first JTIC meeting was held in Kuala Lumpur on Oct 15, 2008. This will be the first JTIC meeting co-chaired by Mustapa and Thomas since the latter took office in August 2015. For the second JTIC Meeting, among key issues that have been identified for discussions include cross-border trade and export of Malaysian halal products to Indonesia. There are many business opportunities that exist between the two countries, said MITI. "With a total population of 255 million people, Indonesia provides a huge potential market to be tapped by Malaysian companies. "Malaysia at the same time needs to ramp up its efforts to attract more investments from Indonesia," it added. In this regard, the JTIC meeting with Indonesia is important as there are various proposals of cooperation in trade and investment issues to be discussed between the two countries. "JTIC meeting will benefit Malaysia as it can highlight issues that need to be resolved in order for us to continue expanding our trade and investment," said MITI. Besides the JTIC meeting, Mustapa will also take the opportunity to have discussions with the Indonesian business community in order to identify business opportunities and investments in Malaysia. "The minister will also meet the Malaysian diaspora to share the latest developments in the country's economy," said MITI. Indonesia is Malaysia's seventh largest trading partner and the third largest among the ASEAN countries. The total trade between Malaysia and Indonesia had increased by 0.8 per cent from US$14.85 billion (RM59.7 billion) in 2014 to US$14.97 billion (RM60.2 billion) in 2015. However, in terms of investment, Indonesia is an important destination for Malaysian investors. Malaysia's investments in Indonesia stand at around US$14.93 billion (RM60 billion), mostly in key sectors such as oil palm plantation, banking, oil and gas, construction and telecommunications. In 2015, Malaysia was the second largest investor in Indonesia with a total investment of US$3.1 billion (US$1 = RM4.064), behind Singapore (US$5.9 billion). --BERNAMA

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