13/07/2011 (Economic Times) - Speaking at an inter-active session at the Indian Chamber of Commerce (ICC) on Tuesday, the Indonesian ambassador to India, Lt General (retd) Andi Ghalib, said that the Prime Minister of India Manmohan Singh and the President of Indonesia, Sushilo Bambang Yudhoyono, had signed an agreement in New Delhi early last year worth billions of US dollars with the objective of strengthening bilateral business ties between the two countries. The Indonesian President was the Special Guest at the Indian Republic Day ceremony in New Delhi last year.

Indonesia is India's second largest market in Asean (barring Singapore) for a variety of items including refined petroleum products, wheat, rice, steel, palm oil, iron and steel.

The ambassador said that both India and Indonesia have weathered the global financial crisis and have entered a new era of economic relationship. Both the countries are bound to emerge as major partners within the next decade in the global market, he said. General Ghalib invited Indian investors to Indonesia and promised all assistance from his government to start business. There is wide scope in the field of tourism in Indonesia, including the Island of Bali which has ancient cultural relations with India.