India, Indonesia to double trade value by 2013

After achieving the bilateral trade target of $10 billion in 2009, Indonesia and India are looking to double the value of trade between the two countries by 2013. Presently, Indonesia is India's second largest export market in the Asean (Association of Southeast Asian Nations) region.

“The bilateral trade account between India and Indonesia has shown a significant increase. In 2006, the trade value was $5.5 billion, then increased to $8.7 billion in 2008, and in 2009, the total trade value increased by 20 per cent to $10.55 billion. So it has passed the target. We are now aiming to double the value trade in the next three years,” Indonesia's ambassador to India Andi M Ghalib said here on Thursday. Ghalib, who was speaking at an interactive session at the Merchants' Chamber of Commerce, said that the recently signed free trade agreement (FTA) between India and the Asean would act as a further shot in the arm for bilateral business.

“With an expanding economy and increasingly favourable investment climate, Indonesia stands as a key economic entity in the Asean region. We need much more from India in the IT, education and healthcare sectors. There is optimism about the potential that exists between the two countries,” he said.