The quick wins such as in the transportation, mineral industry and food security areas are capable of attracting an investment of no less than five billion US dollars from Russia, the official, M. Aji Surya, the embassy`s information coordinator, said.
Hatta Rajasa led the meeting along with Russian deputy prime minister Dmitry Rogozin, flanked by Indonesian ambassador to Russia Djauhari Oratmangun, Russian ambassador to Indonesia Alexander Ivanov and other officials concerned.
Hatta said the two delegations had been able to make several agreements with a high economic value such as the realization of a railway network development project by Russia in East Kalimantan worth US$2.5 billion.
The project is expected to be started this year and implemented in two years` time. Russia is also expected to invest in railway development projects in other regions such as Sulawesi and Sumatra.
A regular direct flight service has also been given wide attention by the participants in the 8th meeting considering that the Air Service Agreement which is the umbrella for the regular direct flight had been signed in 2010.
The direct flight service is expected to increase Russian tourist arrivals in Indonesia and vice versa and also opportunities for increasing trade set at US$5 billion in 2015.
The number of Russian tourists to Indonesia last year reached 89,000.
On food security Indonesia and Russia have agreed to complement each other with regard to food supply.
Indonesia has promised to continue to buy Russian wheat to meet its food needs and to invest in instant noodle production in Russia.
"I hope the quick wins could reach more than US$5 billion which is big enough to boost economic cooperation," he said.
He said "we would also encourage more Indonesians to study in Russia and Russian students to study in Indonesia. Right now there are only around 115 Russian students in Indonesia and vice versa."
Russia has already expressed its plan to invest in smelter development projects, nuclear technology development for peaceful purposes and to cooperate in satellite making for monitoring natural disasters.
According to Rogozin seeing the existing potentials the US$5 billion target could still be increased.
"Indoneia and Russia are two big countries. The Indonesian population is twice bigger than that of Russia while Russian land is wider than Indonesia. We have the potentials to progress together," he said.
In response to Rogozin`s statement Hatta said the two countries share a lot of common views.
The joint commission meeting that had been upgraded to a chief ministerial and deputy prime ministerial level was proof of the seriousness of the two countries to increase their strategic partnership.
"At this level we both have become the guarantors for the implementation of all the agreements that have been made," Hatta said.
At the end of the meeting Hatta and Rogozin signed the agreement made in the meeting before newsmen, Aji Surya said.
Earlier Indonesia and Russia had also signed a memorandum of understanding for exchange of trade statistical data. The signing of the MOU on education cooperation had been postponed due to replacement of the officials concerned, he said.