NEW DELHI, India – Attending the India-ASEAN Summit on Thursday (December 20th), Indonesian President Susilo Bambang Yudhoyono said he hoped a free trade area agreement between ASEAN and India would benefit all countries in the region, Antara reported.

"It is time to promote partnership in a mutually beneficial co-operation for the regional and global welfare," he said at the summit, which marked 20 years of ASEAN-Indian co-operation.

He described food and energy co-operation as particularly important, given the growing demand for each in both India and the ten ASEAN member countries.

Also attending the summit was Thai Prime Minister Yingluck Shinawatra. She announced that her country has set an ambitious investment target of Bt2 trillion ($24.9b) to pave the way for the ASEAN-India Free Trade Area.

MCOT Online reported that a bill on investment will be introduced to ensure Thailand's uninterrupted economic co-operation with Southeast Asian countries and India, despite pending domestic political changes.

Meeting with Thai businessmen after the summit, Yingluck said the combined population of ASEAN and India will contribute to an enormous market for trade and investment. She also predicted that "2013 will be the year of private sector development. The government and private sector will need to talk more."