India, Indonesia sign 18 trade pacts worth $15.1 bn

NEW DELHI: India and Indonesia on Tuesday signed 18 agreements worth $15.1 billion in sectors like mining, infrastructure and manufacturing.

"I very much welcome the signing of 18 business MoUs in infrastructure, manufacturing, mining and other areas worth $15.1 billion," Indonesian President Susilo Bambang Yudhoyono said at a business meeting in New Delhi.

GVK Power and Infrastructure has signed two MoUs with the Indonesian government to develop greenfield international airports in Bali and Java.

Both countries have also set a target for bilateral trade to touch $25 billion in the next five years.

"We are growing stronger as economic partners. Our bilateral trade tripled in last 5 years from $4 billion in 2005 and is expected to reach $12 billion in 2010. Our next target is to double this in the next five years to $25 billion," Yudhoyono said.

Speaking on the ocassion, Commerce and Industry Minister Anand Sharma said there are huge opportunities available for businessmen of both countries.