February 24, 2014 - The Philippine Trade and Investment Center (PTIC) in Jakarta, Indonesia participated at the 6th Philippines-Indonesia Joint Commission on Bilateral Cooperation (JCBC) Meeting held in Jakarta, Indonesia. The meeting discussed commitments to enhance cooperation in the areas of economy, defense, maritime, politics and socio-cultural and consular affairs. On trade, investment and other economic cooperation, the Philippine Trade and Investment Center reported on the areas of collaboration discussed with state-owned enterprises (SOEs) following the visit of Special Envoy T.B. Silalahi and Enterprises Minister Dahlan Iskan in June 2013. The said visit was quickly followed-up by business meetings both in the Philippines and Indonesia. The most recent business meetings with SOEs were conducted during the business mission of DTI and the National Development Company (NDC) to Jakarta on February 17 and 18, 2014. The areas of cooperation discussed include, among others, the development of a 20,000 – 50,000 palm oil plantation with processing facility in Mindanao, promotion of shariah banking in tandem with Al Ahmanah Islamic Bank, investments in conventional banking activities to support the investments of Indonesian companies in the Philippines, coal trading, oil and gas exploration projects, and cooperation in the supply and development of vaccines. The meeting agreed that both countries should aim for a target to double trade exchanges by 2016. Based on NSO data, Philippine trade to Indonesia amounted to US$ 3.21 billion from January to November 2013 while Indonesian data showed that two-way trade volume reached US$4.25 billion, with the trade balance heavily in favour of Indonesia. The Indonesian side recognised that both countries must also strive to achieve a more balanced and sustainable trade exchanges.