Indonesia, S. Korea target 100 bln USD bilateral trade by 2020

JAKARTA, Nov. 8 (Xinhua) -- Indonesian President Susilo Bambang Yudhoyono said here on Thursday that two-way trade between Indonesia and South Korea may reach 100 billion U.S. dollars by 2020 given that the value has been significantly increasing in the last few years.

Speaking after a meeting with South Korean President Lee Myung- bak in Nusa Dua, Bali, President Yudhoyono said that trade between the two countries has expanded rapidly to 30 billion U.S. dollars last year from 11 billion U.S. dollars in 2007.

"I believe the target of 50 billion U.S. dollars in 2015 and 100 billion U.S. dollars by 2020 will be achieved," he said, quoted by the Antara News Agency.

Yudhoyono said under the administration of President Lee, Indonesia and South Korea have signed 25 agreements of cooperation in various sectors ranging from the economy, education, defense industry to research and technology.

The two leaders also witnessed the signing of agreements on joint development of environmental-friendly vehicles.

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