July 19, The Iran Project � Indonesia�s Ambassador to Tehran has announced that an Indonesian bank will cooperate with 10 Iranian banks in the near future, and a Letter of Credit�(LC) up to $200 million will be opened for Tehran and Jakarta�s businessmen. ��

In a meeting with�Tehran Chamber of Commerce Chairman�Masoud Khansari on Wednesday, Octavino Alimudin said the�volume of trade between�Iran and Indonesia stands at $340 million and is expected to increase five-fold by the end of 2017.

Touching upon a significant growth in Indonesia�s purchasing Iran oil and gas in post-sanctions era, Alimudin stated that many Indonesian firms are now keen to invest in Iranian oil and gas sector.

Indonesia is ready to invest �7 billion in Mansouri oilfield in southern Iran but it has not received a response form the Iranian Oil Ministry so far, he added.

Masoud Khansari also said in the meeting that Tehran Chamber of Commerce is ready to cooperate with the Indonesian embassy in Tehran for the development of economic relations between the two countries.

Khansari pointed to Tehran-Jakarta�s high economic and industrial capacity, adding the two countries� private sector can advance bilateral economic relations.
Despite various problems in the last two years, many foreign countries have already interested to invest in the Islamic Republic of Iran, he noted, stressing that Iran�s Foreign Investment Services Center�(FISC) is ready to establish a link between investors and investee companies inside the country.