Pursuant to the 4 June 2002, Indonesia-Malaysia Business Forum, in Shangri-la Hotel, Jakarta (official visit to Indonesia led by the YAB Dato' Seri Abdullah Hj Ahmad Badawi, the Deputy Prime Minister of Malaysia) both the Deputy Prime Minister and Vice President of Indonesia Bapak Hamzah Haz, have agreed to establish a Malaysia-Indonesia Business Council. This Council is to enhance private sector bilateral business and investment opportunities between Malaysia and Indonesia.

Objectives:

1. To give inputs on current problems and issues related to development of business and investment in Indonesia and Malaysia.
2. To encourage co-operations between Indonesian and Malaysian private sector companies.
3. To encourage two-way trade and investment.
4. To encourage and develop the establishment of Indonesia/ Malaysian joint ventures in specific sectors of common interests.
5. To utilise the expertise of MIBC members to identify and develop opportunities for both Indonesian and Malaysian Small and Medium-sized Enterprises.
6. To develop a closer interaction between the private sectors and multiplier organizations in both countries, as well as opportunities for collaboration in third countri