Asian African Business Summit to help materialize Bandung spirit

The Asian African Business Summit (AABS) kicked off here on Tuesday morning with Indonesian President Joko Widodo delivering a brief opening speech. "I believe this forum will be a facility for the business sector to materialize Bandung Spirit through strengthening of mutually-benefiting cooperation on trade and investment that give contribution to the acceleration of economy and prosperity of the people on the two continents,"said the president.

Bandung Spirit, which was put forward at the first Asian- African Conference in 1955, highlights promoting unity and cooperation among Asian and African nations.

Widodo expressed his belief that the AABS is to help initiatives and breakthroughs emerge for the arrangement of the plans to strengthen the ties between the two continents.

He said Asia and Africa have a huge potential and are to play bigger roles in world economic arena. "However, Asian and African countries also face several challenges,"said the Indonesian president.

He urged countries in Asia and Africa to develope regulations and rules which are more friendly to the business sector.

He said nations should encourage the private sector to make more investment through partnership between governments and businesses.

Governmental officials and business representatives from Asian and African nations gathered at the meeting to discuss trade, agriculture, investment and maritime policies.

The business summit was launched as part of the ongoing Asian- African Conference, which runs through April 24.