China, Indonesia to boost bilateral cooperation

China, Indonesia to boost bilateral cooperation

2011-04-30 09:51:53 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEWS) -- China and Indonesia on Friday vowed to boost bilateral cooperation to benefit the two major emerging developing economies in Asia.

Xinhua news agency said that Chinese Premier Wen Jiabao and Indonesian President Susilo Bambang Yudhoyono exchanged views on bilateral relations as well as regional and international issues of common concern.

Wen, who arrived in Jakarta Thursday evening for an official visit, said China-Indonesia relations have now entered a new stage of comprehensive development and carry regional and global strategic significance.

Meanwhile, Yudhoyono welcomed the Chinese premier, saying that Indonesia considers China as an important strategic partner. He added that bilateral cooperation between both countries has improved greatly since the two sides established strategic partnership in 2005.

The Jakarta Globe reported that both leaders specifically agreed to improve relations in trade. Yudhoyono and Wen agreed that the initial target of $50 billion in trade volume would be attained well ahead of the projected date of 2014.

"[China] will provide preferential export buyers credit of $1 billion, and $8 billion of commercial funding will go to the Indonesian government to support infrastructure development and Indonesian industry," Wen said during a joint news conference with Yudhoyono at the State Palace.

"I will also lead a delegation of investment and trade promotion that will sign commercial agreements worth $10 billion."

According to the Globe, Indonesia is planning to become the world's 12th-largest economy by 2025 by developing six economic corridors and using natural resources.

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