"Ecuador looks at not only the north but also the left and right sides... There must be diversified relations, diversified market," Correa said after holding bilateral talks with Indonesian President Susilo Bambang Yudhoyono at the Carondelet Presidential Palace in Quito on Saturday in local time.
Trade value was not the mere barometer of successful bilateral relations, he said.
He pointed out how the free market which had led to neoliberalism had influenced the global economy of late.
"We`d better establish (bilateral relations) with countries we love. Our friendship countries including Indonesia never measure relations with money. For us, close bilateral relations are more important," he said.
He said enhanced bilateral relations between Indonesia and Ecuador would bring the Latin American culture closer to Asia, which would eventually strengthen South-South cooperation.
President Correa`s commitment to encouraging Asian-Latin American cooperation was reflected by his decision to pay a state visit in Indonesia shortly after he came to power in 2007.
"Indonesia and Ecuador have many things in common," he said.
He said Indonesia had many experiences in strategic sectors, including oil, mining and telecommunication industries.
"Ecuador is looking forward to developing the mining sector, particularly gold and copper mining in which Indonesia has broad experiences," he said.
Yet the distance between the two countries was one of the hindrances to enhance cooperation between Asia and Latin America.
"But the geographical hindrance is only in our mind because we have so far only looked at the north rather than the left and right sides," he said.