Indonesia, Czech private sectors forge ties to deepen relations

JAKARTA, Jul 10, 2012 (Xinhua via COMTEX) -- Private sectors of Indonesia and the Czech Republic signed agreements in the banking and industrial areas, local media reported on Tuesday.

Witnessed by visiting Czech President Vaclav Klaus, the Czech Export Bank signed a memorandum of understanding (MoU) with the Indonesia Exim Bank in relation to finance cooperation in order to support bilateral export and import activities.

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The Czech Republic's Confederation of Industry also signed an agreement with the Indonesian Chamber of Commerce and Industry ( Kadin) to promote business opportunities.

President Klaus said Czech businesses were largely unaffected by the crisis in the eurozone economies, thus giving them an advantage to expand business activities to other countries, particularly to the equally resilient Indonesia.

Klaus, who visited Indonesia in 1994 as the Czech prime minister, congratulated the country for its accomplishments.

His visit is the first by a Czech head of state since the establishment of diplomatic ties between the two countries in 1993, after the fall of communism at the beginning of the decade.

The total value of bilateral trade between the two nations reached 500 million U.S. dollars in 2011, which, according to the Czech Republic's Environment Minister Tomas Chalupa, is double that of 2005.

Indonesia saw an increasing deficit by 1.937 percent to 5.83 million U.S. dollars in its trade with the Czech Republic in the first quarter this year.

Czech exports to Indonesia consisted mainly of machinery, chemicals, electrical and power generation and telecommunications equipment, textile and machinery. Its imports from Indonesia comprised textiles and garments, footwear, rubber and rubber products.

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