Iran to increase trade output with RI

Antara   |  Sat, 05/10/2008 6:49 PM  |  Business

Iran is seeking to increase its trade volume with Indonesia to minimally one percent of Indonesia's total international trade value, envoy said Saturday.

Iranian ambassador to Indonesia, Behrooz Kamalvandi, told Antara this would mean that if Indonesia’s international trade value were at US$200 billion, Iran would attempt to make up at least one percent of the sum, which would be around $2 billion.

“Currently, the total value of trade between Indonesia and Iran has only reached $400 million or about a quarter of our target,” said Kamalvandi, who was accompanied by press attaché, A. Yazdaninia.

According to the ambassador, Iran seeks to meet the target through enhanced cooperation in large bilateral projects, such as oil refineries and fertilizer factories.

The two countries have already secured two major projects in the region, namely a $6 billion worth oil refinery in Banten Province, West Java, and a fertilizer factory set to be built in southern Iran, a project in which each country will contribute 50 percent of the total investment value. (*)

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