India expects to improve economic relations with ASEAN

New Delhi, India (ANTARA News) - Indian Prime Minister Manmohan Singh has stated that India expects to improve economic relations with ASEAN member countries.

"We expect the value of trade cooperation between India and ASEAN can increase to US$80 billion in 2015 and will increase dramatically to US$200 billion by 2022," Singh said here on Thursday evening.

The Prime Minister delivered the statement in the opening of ASEAN-India Commemorative Summit marking 20 years of relations between the Southeast Asian regional group and India.

Singh also expressed optimism that the value of trade target at US$200 billion can be achieved in 2022.

He added there are several sectors of economic cooperation that still can be worked on, particularly in services and investment.

According to Singh, the trading volume of some commodities, such as those in the field of information technology and electronic goods, can be increased.

The ASEAN-India Commemorative Summit was attended by President Susilo Bambang Yudhoyono and some ASEAN leaders, among others Cambodian Prime Minister Hun Sen, Thai Prime Minister Yingluck Shinawatra, Brunei Darussalam Sultan Hassanal Bolkiah, Malaysian Prime Minister Najib Razak, ASEAN Secretary-General Surin Pitsuwan.

During the event, President Yudhoyono was accompanied by Foreign Affairs Minister Marty Natalegawa, Legal and Security Affairs Minister Djoko Suyanto, Trade Minister Gita Wirjawan, Industry Minister MS Hidayat, Cabinet Secretary Dipo Alam, and Chief of Investment Coordinating Board (BKPM) Muhamad Chatib Basri.(*)