INDONESIAN-IRAQ JOINT COMMISION AGREE ON FORMATION OF INDONESIAN CHAMBER OF COMMERCE

Comprehensively, the Indonesia-Iraq Joint Committee session agreed on the formation of an Indonesia Trading House in Baghdad, and to build Indonesian-Iraqi Business Council. Furthermore according to Minister of Trade Mari Elka Pangestu in Jakarta Saturday (12/6) after signing the 6^th joint committee with Iraqi’s Acting Minister Safaldeen Mohammed Abdulhakeem Al Safi, both parties agreed on the key points of the two-day meeting.

Also present at the meeting were representatives of the Ministry of Foreign Affairs, Ministry of Information, Ministry of Transportation, Ministry of Public Woks, Coordinating Board of Investment, the Indonesian Chamber of Commerce, Bank Indonesia, Bank Mandiri, Pertamina, Bank Exim, and PT Wijaya Karya. According to Minister of Trade Mari Pangestu, Indonesia pled Iraq to give more opportunities to the Indonesian private sector in the “Republic Iraq” plan to build important projects like infrastructure and telecommunication.

Other points being agreed at the Joint Committee were to multiple the trading value attained by the two nations in the past five years and to set up a Task Force within three months, whose duty was among others to exchange information, to monitor obstacles and to identify problems in bilateral trading and investments.

Furthermore in investment collaboration, both sides agreed to exchange draft of Agreement on Promotion and Protection of Investment of the two nations. Some Indonesian companies like PT Tipati International and PT Multistrada Arab Sarana stated their readiness to be engaged in investment collaboration in tea plantation and tyre factory manufacturing to Iraq.

In industrial collaboration Indonesia, in the eyes of Iraq had experiences in developing Small-and Medium Business and Indonesia responded positively to the proposition, and was willing to share experience in Small Business Development, tyre industry, textile, petro-chemicals and other sectors. WIKA, and Indonesian company, also stated readiness to participate in water treatment projects.

Furthermore in health, housing and construction, energy and mineral resources, infra-structure, electricity technology, education and sciences, both sides agreed to promote cooperation’s, with State Owned Enterprises (BUMN) and the private sector.