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India-Indonesia trade to hit $10 bn mark

The target can be achieved if the two nations seriously develop and enhance the existing cooperation, says the Indonesian president.
IANS | By HT Correspondent, Jakarta
UPDATED ON JUL 17, 2007 01:28 PM IST

Trade between India and Indonesia is expected to hit a historic high of $10 billion by 2010, says Indonesian President Susilo Bambang Yudhoyono.

"The bilateral trade target of $10 billion for 2010 can be achieved if the two nations seriously develop and enhance the existing cooperation," the president said on Monday while inaugurating an Indian motorcycle factory.

Earlier in the day, Indian Ambassador to Indonesia Navrekha Sharma said a number of Indian companies had expressed keen interest in investing in Indonesia's information technology, infrastructure, banking and automotive sectors.

Susilo said Indonesia must be able to grab all the opportunities by establishing strategic partnership with India, which is a big country and has many comparative advantages, such as advanced technology.

He also underscored the importance of cooperation in the pharmaceutical industry, considering India was one of the world's largest pharmaceutical product suppliers.

"We have fast-growing domestic market and abundant natural resources. If the countries' potentials are combined, both Indonesia and India will take the great advantage of their cooperation," he said.

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