India to invest $12 billion in Indonesia

India to invest $12 billion in Indonesia

2011-01-24 10:04:42 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEWS) -- India is planning to invest around $12 billion in Indonesia as the country's President Susilo Bambang Yudhoyono is set for his three-day visit to India, the Jakarta Globe reported on Sunday.

During Yudhoyono's second visit to India the two countries are expected to sign over 30 bilateral agreements. On Tuesday, they are scheduled to finalize 15 major deals that include areas of infrastructure, natural resources, manufacturing and services.

"We have had investments in textiles, automotive and banking, and now, in this new phase, we are going to have investments in infrastructure, natural resources, manufacturing and services, and the volume of trade will be huge," Indian Ambassador to Indonesia Biren Nanda told the paper.

The Indonesian president will also be the honorary guest in India's Republic Day celebrations on Wednesday, which commemorate India’s Constitution taking effect on January 26, 1950, after gaining its independence from the United Kingdom in 1947.

Since Yudhoyono's 2005 visit to India in which the countries signed a strategic partnership in several areas such as trade and economy, bilateral trade from the two nations has increased from $4 billion to almost $12 billion.

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