Jakarta, April 21 (IANS): The Asian African Business Summit (AABS) began on Tuesday in this Indonesian capital.

The summit, launched on the sidelines of the ongoing Asian-African Conference, began with an opening speech by Indonesian President Joko Widodo, Xinhua reported.

"I believe this forum will be a facility for the business sector to materialise the Bandung Spirit through strengthening mutually-benefiting cooperation on trade and investment that contribute to the acceleration of economy and prosperity of the two continents," he said.

The Bandung Spirit, enunciated at the first Asian-African Conference in 1955, emphasises 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," the Indonesian president said.

He urged countries 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.