Indonesia-India should revise trade target for 2015, minister

Indonesia-India should revise trade target for 2015, minister

Indonesian trade minister Gita Wirjawan (FOTO ANTARA)

Jakarta (ANTARA News) - Indonesia and India have agreed to increase their economic cooperation, Indonesian Trade Minister Gita Wirjawan said in Jakarta on Tuesday.

He also suggested that both countries should revise their trade target in 2015 from US$25 billion to US$40 billion.

"Judging from both countries` trade potential, the bilateral trade values can be raised," Wiryawan said after opening India`s business exhibition in Bali Kartini, Jakarta.

The exhibition, called "The India Show: Land of Limitless Opportunities", is being held from March 6-8. Sixty-seven Indian companies, covering among others mining affairs, railway, energy, steel, infrastructure and banking, are participating in the show.

Citing an example of the potential to increase Indonesia-India trade, the Trade Minister said that on the one hand India needed more coal and crude palm oil (CPO) and on the other hand Indonesia imported crude oil as well as electronic products and vehicles made in India.

Expressing his pleasure over India`s business exhibit, Wiryawan noted that both countries had engaged in trade ties for many years.

Sharing his opinion, the Indian Trade and Industry Minister, Anand Sharma, said that there was immense possibility of growing trade relations between India and Indonesia, owing to the huge populations in the two countries.

According to Anand, technology and education are other areas through which bilateral ties can be improved, as India currently has advanced technology and education. "Education and technology will be very influential and become a new power in the future," he said.

Meanwhile, India`s Director General of Industry Confederation, Chandrajit Banerjee, has also said that India and Indonesia are growing very rapidly in the Asian region.