The JEC, meeting three years after its inception in 2004, decided to recover the lost ground by expediting the implementation of the 1998 Agreement on Promotion and Protection of Investment, and agreed on joint ventures in fertiliser and textile sectors.

The JEC meeting shows an effort to revive the government's 'look east' policy, which has been flagging since the initial pronouncements made by the immediate past government, foreign ministry sources said. The next JEC meeting is scheduled to be held in Jakarta in 2008.

"We have agreed upon some commitments for cooperation. Since Indonesia also produces pharmaceuticals, we would like to explore joint ventures in textile and fertiliser sectors," said the head of the Indonesian delegation also a foreign ministry official, Primo Alui Joelianto, after he had called on Bangladesh Foreign Adviser Iftekhar A Chowdhury.

Iftekhar said the JEC meeting is a testament to Bangladesh's effort to strengthen political ties with Indonesia, the largest Muslim-majority country with around 230 million people.

He added that there is a demand in Indonesia for 'halal meat' in addition to pharmaceuticals, and Jakarta has shown an interest in both the products.

The two sides also agreed on a more frequent exchange of business delegations and to hold single-country trade fairs to promote each others' products.

Jakarta also showed interest in a raft of other Bangladeshi products that they feel have internationally competitive prices, such as ceramic products, saris, agricultural products, beverages, ready made garments, leather goods, etc.

The foreign adviser said the two countries are also looking into relaxing the existing visa regime to improve people-to-people contact.

The Bangladeshi delegation was headed by Economic Relations Divisions Secretary Mohammad Aminul Islam Bhuiyan.