Indonesia has proposed establishing a business council to strengthen trade ties between Asian and African business communities.

The initiative was put forward by the Indonesian Chamber of Commerce and Industry (Kadin) at the World Economic Forum on East Asia held in Indonesia from April 19-21.

According to Kadin President Suryo Bambang Sulisto, the formation of the Asia-Africa Business Council (AABC) is aimed to facilitate regular meetings between key business players in the two continents.

The president noted that collaboration between Asia and Africa has progressed and matched economic growth, with new economic and business cooperative opportunities opening up between the two continents.

According to Kadin statistics, with 75.3 percent of total world’s population and 28.5 percent of the world’s gross domestic product (GDP), the two continents have emerged as significant potential markets.

In keeping with the current development trend, it is necessary for nations to expand economic cooperation in imports-exports and investment flow as well as develop manufacturing industries.

With the establishment of the AABC, over 100 nations in Asia and Africa could boost links in economics and trade, creating a foundation and strengthening the two continents’ economies.-VNA