India and Indonesia on Tuesday signed 18 agreements worth $15.1 billion in sectors such as mining, infrastructure and manufacturing.
“I very much welcome the signing of 18 business MoUs,” Indonesian President Susilo Bambang Yudhoyono said at a business meeting here.
GVK Power and Infrastructure signed two MoUs with the Indonesian government to develop green field international airports in Bali and Java. Both countries have also set a target for bilateral trade to touch $25 billion in the next five years.
“We are growing stronger as economic partners. Our bilateral trade tripled in the last five years from $4 billion in 2005 and is expected to reach $12 billion in 2010. Our next target is to double this in the next five years to $25 billion,” Mr. Yudhoyono said.
Steel Authority of India Limited and chairman of the International Coal Ventures Private Limited C.S. Verma signed a MoU with the Governor of Central Kalimantan, Indonesia, Agustin Teras Narang, for development of mineral deposits and the setting up of a mineral processing facility, steel plant, and required infrastructure in the province of Central Kalimantan.
The MoU was signed in the presence of Mr. Yudhoyono, Minister for Commerce and Industry Anand Sharma and Minister of State for External Affairs E. Ahmed.