KUALA LUMPUR, July 1 — Malaysia and Indonesia have agreed to hold the Joint Trade and Investment Committee (JTIC) meeting annually, after both nations met for the second time yesterday since 2008.

"We have decided to meet once a year,” said Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed. He was speaking to reporters after attending the farewell ceremony for outgoing Ministry of International Trade and Industry Secretary-General, Tan Sri Dr Rebecca Fatima Sta Maria, here today.

During the JTIC meeting, Mustapa said, both sides discussed the preparations on holding an annual consultation meeting between Prime Minister Datuk Seri Najib Tun Razak and Indonesian President Joko Widodo.

"I am happy with the meeting and I hope the Malaysia-Indonesia relations will remain strong,” he said. On the investment climate in Indonesia for Malaysian companies, Mustapa said, the neighbours had made several changes, including the reformation in its bureaucracy, which would be good for foreign investors. "We are big (players) in telecommunications, banking, plantation and construction sectors (in Indonesia),” he said.

Malaysia and Indonesia held the 2nd JTIC meeting in Indonesia yesterday, and several issues were discussed, including cross-border trade and export of halal products to Indonesia.

Both sides also agreed to achieve the bilateral trade of US$20 billion (RM80 billion) soon. Last year, Malaysia was the second-largest investor in Indonesia with a total investment of US$3.1 billion, behind Singapore of US$.9 billion. — Bernama