SL, Indonesia aim tripling bilateral trade to $ 1 b by 2015

Sri Lanka and Indonesia this week set an ambitious goal of tripling bilateral trade to $ 1 billion within the next three years. The two countries have taken a decision to establish a Working Group on Trade and Investment to operationalise this goal, External Affairs Ministry said after the conclusion of Indonesia’s Foreign Minister Dr. Marty Natalegawa’s three-day visit. Greater bilateral trade and other matters had been agreed during the first Joint Commission meeting of the two countries on Thursday. The Commission was set up in 2007

. Ministry said it was resolved to increase bilateral trade to reach a target of US$ 1 billion within the next three years.  Bilateral trade data for 2011 wasn’t disclosed but as per the Central Bank sources, the value in 2010 was $ 301 million with imports from Indonesia amounting to $ 209 million whilst exports were $ 92 million. It is likely that in 2011 value of bilateral trade had increased. The Joint Commission has also decided to convene business forums within this year to strengthen reciprocal interactions among the cooperate sector.  Both Ministers noted that it was a significant occasion in the bilateral relations of the two countries to hold the first Joint Commission meeting on the 60th anniversary year of establishing diplomatic relations between Sri Lanka and Indonesia.   SL, Indonesia... Both sides emphasised on enhancing bilateral cooperation in a number of spheres spanning defence, trade, investments, tourism, culture, agriculture, aquaculture, etc.  In a measure to improve the cultural ties and strengthen cooperation in the tourism sector, Indonesia has agreed to Sri Lanka’s request to commence early negotiations to increase flight frequencies to that country.  Addressing the meeting, Prof. Peiris noted that the Joint Commission has “injected new strength and vitality to a multifaceted relationship”. The Sri Lankan Minister briefed his Indonesian counterpart of the tremendous potential for investments in Sri Lanka and invited Indonesia to participate in the Expo 2012 Trade & Investment Fair which, according to the Minister, would act as a stepping stone for the Indonesian business community to explore the many opportunities for trade and investments in Sri Lanka.  Acknowledging the tremendous progress made by Sri Lanka since the end of the conflict in 2009, the Indonesian Foreign Minister who is visiting Sri Lanka for the first time pledged to enhance cooperation with Sri Lanka at all levels, the Ministry said. Prof. Peiris also handed over an invitation by President Mahinda Rajapaksa to Indonesian President Dr. Susilo Bambang Yudhoyono to undertake a State visit to Sri Lanka among many other events that have been scheduled to commemorate the 60th year of establishing diplomatic relations between the two countries.