Suparmanto conveyed the statement during a meeting with the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.
"India is one of the biggest and important trade partners for Indonesia. Collaboration is not only needed with the Government of India but also with business actors to increase trade between the two countries," the trade minister noted in a written statement received in Jakarta on Friday.
Suparmanto stated that leaders of both nations had set a target of boosting bilateral trade to US$50 billion by 2025. The ministry of trade is optimistic of the target being achieved, as both nations yet had numerous opportunities to be increased.
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"We believe both countries have the opportunity to collaborate and work together, including the hospital and pharmaceutical sectors. India has more advanced technology and knowledge in both sectors. In other sectors, the two countries can collaborate and explore the potential in the blue economy as proposed by the FICCI," the minister remarked.
At the meeting, the FICCI sought to boost market access for raw crystal sugar products, buffalo meat, dairy products, and rice, among others and reduce trade barriers from Indonesia.
Suparmanto also invited Indian entrepreneurs to attend the Indonesian Trade Expo. The largest trade exhibition in Indonesia will be held in October at the Indonesia Convention Exhibition (ICE) in Tangerang, Banten.
India is the fourth export destination country and the ninth source of imports for Indonesia in 2019. During that period, the total trade between the two countries had reached US$16.1 billion.
Indonesia's exports to India reached $11.7 billion, while Indonesian imports from India were valued at $4.3 billion. Thus, Indonesia had recorded a trade surplus of $7.4 billion.
Indonesia had mainly exported coal, palm oil and its derivatives, steel products, natural rubber, and industrial monocarboxylic fatty acids to India in 2019. Meanwhile, Indonesia's main imports from India are buffalo meat, cyclic hydrocarbons, peanuts, water heaters, and motor vehicles.
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