18 deals worth $15 billion inked with Indonesia

India’s bilateral trade with Indonesia has more than trebled in the last five years. It has increased from nearly $4 billion in 2005 to an estimated $12.5 billion in 2010. Indonesian president Susilo Bambang Yudhoyono said that India and Indonesia can cooperate in a large number of areas like infrastructure building, transportation, IT, food industry, telecommunication, R & D, energy, mining, manufacturing, education and film industry.

“I very much welcome the signing of 18 business MoUs in infrastructure, manufacturing, mining and other areas worth $15.1 billion,“ said Yudhoyono at a business meeting.

Commerce and industry minister Anand Sharma said there are huge opportunities available for businessmen of both countries. He also said that the two countries had set a new target to double bilateral trade to $25 billion by 2015 from estimated $12.5 billion in 2010. “Potentials are enormous. We had set a target of $10 billion trade by 2010. We have surpassed it. I am confident that we will beat $25 billion target also,“ said Sharma.

The minister also said the two countries have agreed to start negotiations for a Comprehensive EconomicCooperationAgreement (CECA). India’sfree trade agreement with the

Indonesia will chair the ASEAN this year. “Our excellent political and economic relations with Indonesia will help India’s integration with ASEAN,“ Sharma added.

The deals signed on Tuesday include MoUs between Indonesian industry ministry and Indian ministry of chemicals and fertilisers for urea manufacturing, Provincial Government of South Sumatera and Jambi and

NEW DELHI: India signed 18 agreements worth $15.1 billion with Indonesia in sectors such as mining, infrastructure and manufacturing. The two countries have set a target to double bilateral trade to $25 billion in the next five years.India’s bilateral trade with Indonesia has more than trebled in the last five years. It has increased from nearly $4 billion in 2005 to an estimated $12.5 billion in 2010. Indonesian president Susilo Bambang Yudhoyono said that India and Indonesia can cooperate in a large number of areas like infrastructure building, transportation, IT, food industry, telecommunication, R & D, energy, mining, manufacturing, education and film industry.“I very much welcome the signing of 18 business MoUs in infrastructure, manufacturing, mining and other areas worth $15.1 billion,“ said Yudhoyono at a business meeting.Commerce and industry minister Anand Sharma said there are huge opportunities available for businessmen of both countries. He also said that the two countries had set a new target to double bilateral trade to $25 billion by 2015 from estimated $12.5 billion in 2010. “Potentials are enormous. We had set a target of $10 billion trade by 2010. We have surpassed it. I am confident that we will beat $25 billion target also,“ said Sharma.The minister also said the two countries have agreed to start negotiations for a Comprehensive EconomicCooperationAgreement (CECA). India’sfree trade agreement with the Association of Southeast Asian Nations Asean ) has helped boost India-Indonesia bilateral trade.Indonesia will chair the ASEAN this year. “Our excellent political and economic relations with Indonesia will help India’s integration with ASEAN,“ Sharma added.The deals signed on Tuesday include MoUs between Indonesian industry ministry and Indian ministry of chemicals and fertilisers for urea manufacturing, Provincial Government of South Sumatera and Jambi and Reliance Infrastructure for railway and seaport, Provincial Government of South Sumatera and National Aluminium Company NALCO ) for aluminium smelter.

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