Ministry seeks to strengthen Indonesia-India trade at business meeting

Ministry seeks to strengthen Indonesia-India trade at business meeting

Deputy Trade Minister Jerry Sambuaga. (ANTARA/HO-Trade Ministry/aa/kt)

Jakarta (ANTARA) - Deputy Trade Minister Jerry Sambuaga attended a meeting with Indian business actors at a hotel in Jakarta in a bid to strengthen Indonesia-India trade relations.

"This meeting is in line with both countries' leaders' target to increase the value of Indonesia-India trade to US$50 billion by 2025. It is hoped that both countries can undergo economic recovery and become stronger," Sambuaga remarked.

The meeting initiated by the Indian Embassy was attended by the Indian Ambassador to Indonesia, Manoj Kumar Bharti, Trade Ministry's director general of national export development, Didi Sumedi, and market security expert staff at the ministry, Sutriono Edi.

During the meeting, at least 45 business actors made their introductions and expressed their concerns regarding business opportunities in Indonesia, such as constraints on importing raw materials and business licensing.

They also expressed their appreciation for the Indonesian government's assistance in building their business sustainability.

According to data from Statistics Indonesia (BPS), Indonesia's exports to India in 2021 were valued at US$13.2 billion, an increase of 27.85 percent compared to the previous year.

Indonesia's main export products to India are coal, palm oil, iron alloys, industrial monocarboxylic fatty acids, and copper ore. Meanwhile, Indonesia's main imports from India are semi-finished iron products, cane or beet sugar, peanuts, frozen beef, and iron alloys.

Sambuaga said that India is the 26th source of foreign direct investment (FDI) for Indonesia.

"The realization of Indian investment in Indonesia was recorded at US$49.5 million spread across 465 projects. The three largest sectors include the textile industry; land for buildings, industrial estates, and business activities; as well as trade and reparations," he informed.

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