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China, Indonesia sign $28-billion trade deals
October 4, 2013, 3:17 am

Xi met with Indonesia's Parliament Speaker Marzuki Alie, left [Xinhua]

Xi met with Indonesia’s Parliament Speaker Marzuki Alie, left [Xinhua]

Trade agreements totalling at least $28 billion between Chinese and Indonesian companies could boost Jakarta’s bid to lure more foreign investment.

The signing of the deals, which were witnessed by both Chinese President Xi Jinping – on a state visit to the country – and his Indonesian counterpart Susilo Bambag Yudhovono, would ensure that China commits to investing in commodity production, improving mining, railway, and other transportation infrastructure, and financing aircraft production.

The two leaders have been discussing ways to enhance bilateral trade, which reached $66.22 billion last year, four times that of 2005.

Indonesian Industry Minister Mohamad Hidayat said on Thursday that both countries are hoping to boost that to $80 billion by 2015.

Trade between China and Indonesia stood at nearly $33 billion for the first eight months of this year, making it Indonesia’s second-biggest trading partner.

“I believe Chinese companies could become our main partners to develop various projects in Indonesia in the future,” Susilo Bambang Yudhoyono said at the signing ceremony.

China and Indonesia also signed a memorandum of understanding to trade data and expertise in the fisheries industry, including marketing, import-export, and boat registration.

On Thursday, Xi became the first foreign head of state to address Indonesia’s Parliament.

Xi will then attend the 21st economic leaders’ meeting of the Asia-Pacific Economic Cooperation (APEC) in the resort island of Bali from October 7- 8.

Source: Agencies