India and Indonesia has set an ambitious $50 billion target for bilateral trade by year 2025
Hyderabad, 18th March 2023: A Round table meeting with His Excellency Agus P Saptono, Consulate General of the Republic of Indonesia held at FTCCI on Saturday morning. It was also an occasion to bid farewell to Mr. Agus P Saptono who will conclude his mission to India on 31 March 2023 and will be going to Indonesia. The Federation of Telangana Chambers of Commerce and Industry(FTCCI) organised farewell to His Excellency Mr. Agus P Saptono
Welcoming the gathering, Mr. Anil Agarwal, President, FTCCI said that he has been an outstanding diplomat, representing his country with utmost dedication, passion, and professionalism. He has contributed significantly to strengthening the bilateral relations between Indonesia and India and promoting cultural exchanges and trade partnerships. His tireless efforts have helped foster a better understanding of Indonesia among the people of Mumbai and the neighboring regions.
His role in promoting the Indonesian culture through various events, such as the Indonesian Film Festival, culinary fairs, and cultural exhibitions was recalled and lauded.
Indonesia is the second largest trading destination for India in the ASEAN region. Indonesia is eyeing a $60 billion bilateral trade with India by 2025, as the figure has already reached $32 billion last year, said Anil Agarwal.
Speaking on the occasion, His Excellency Mr. Agus Saptano hoped that the Business community from Hyderabad, Telangana will continue extending all their strong commitment and goodwill to explore new opportunities in Indonesia and keep continue working in close cooperation with Indonesia to enhance cooperation in all dimensions to promote the two countries relations.
In the past global economic slowdown, we have been witnessing the positive growth of the Indian and Indonesian economies. Our task now is how to ensure the two giant economies of its region can continue to be mutually benefit each other and to continue to make mutual progress for the prosperity of Indonesia and India.
Observed closer relations between India and Indonesia during the past year, including the Comprehensive Strategic Partnership between India and Indonesia established in 2018, which takes both countries’ relation into a new era and provides momentum to make further significant investment in the bilateral tie.
Acknowledging India’s all round development, we do agree that India has a lot to offer to Indonesia especially in the areas of IT, Health and Pharmaceutical, Machineries and automotive sectors. Indonesia and India enjoy a high level mutual beneficial relation. The average value of bilateral trade between Indonesia and India in last five years have been reaching to around US $32 billion. India and Indonesia has set an ambitious $50 billion target for bilateral trade by year 2025 as Prime Minister Narendra Modi and President Joko Widodo discussed ways to deepen the cooperation.
India is one of the most important engines of the world’s economic growth. Indonesia’s strong investment commitment under the jurisdiction of our mission has resulted into investments by Indonesian companies such as Japfa comfeed, Gojek Indonesia, Garuda Foods and Nabati Indonesia setting up their base respectively in Pune, Bangalore and Chennai city. While in state of Telangana we do have investments by Indonesian companies such as Mayora Indonesia into Food products and confectionery and Vaksindo into Non-Human vaccines.
We have taken note about the potential promising sectors in the state of Telangana, to be offered such as Information Technology (IT), Life Sciences, Pharmaceuticals, Aerospace & Defence, Food processing, Furniture and etc. With also to have cooperation in the fields of Education and Medical Tourism. With our mission have already started working on same while in coordination and cooperation with concerned authorities in Indonesia.
India is the largest buyer of crude palm oil from Indonesia and also imports coal, minerals, rubber, pulp and hydrocarbon in significant quantities. India exports refined petroleum products, maize, commercial vehicles, telecommunication equipment and oil seeds to Indonesia. There is a considerable potential for expanding trade in the areas of automotive components, automobile, engineering products, IT, Pharmaceuticals, bio-technology and healthcare sectors, Given their strategic significance, Infrastructure development and energy, both traditional and renewable, are key areas of enhancing the bilateral cooperation. Both the countries should put in place suitable policies to encourage private sectors to make investments in infrastructure and manufacturing sectors.
Today i wish to avail this platform to invite you all to visit the annual trade event “Trade Expo Indonesia 2023” going to be held from October 2023 in Indonesia being organized by Ministry of Trade, Republic of Indonesia. Various potentials business sectors from Indonesia to be present at Tradexpo will be such as from Manufacturing, Healthcare and Beauty, Furniture and Home Décor, Food & Beverages, Fashion and Accessories, Medical Equipment, Digital and Services. With this we hereby encourage you all to visit this trade event which in long run will help to strengthen our long-standing bilateral relations.
FTCCI officials Mr. Meela Jayadev, Senior Vice President, Mr. V. S. Raju, Past President, Ms. Khyati Naravane, CEO and Ms. Vijaya Khader, Professor participated.
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