India, Indonesia sign deals worth over $15 billion

India and Indonesia today signed business deals worth $15.1 billion, even as the two Asian countries set an ambitious target of doubling bilateral trade over the next five years.

Visiting Indonesian President Susilo Bambang Yudhoyono said bilateral trade volume that tripled to $12 billion from $4 billion in 2005, is expected to double to $25 billion by 2015.

The two countries signed 18 agreements covering energy, infrastructure, manufacturing, services and other sectors in the presence the Indonesian President.

Yudhoyono is in Delhi as the chief guest at India's Republic Day celebrations due tomorrow, as India looks increasingly East to boost its relations with Asian neighbours.
 
"I hope this visit will create new opportunities in our bilateral cooperation, including economic cooperation and people-to-people contact," Yudhoyono told Indonesian and Indian business leaders in New Delhi.

"We are growing stronger as economic partners," Yudhoyono said, adding, "There is so much we can do together."

Yudhoyono is accompanied by a delegation comprising a dozen senior ministers, business leaders and officials.