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Trade with Indonesia to reach $10 bn by 2010
17
Jan '08
Dr. Mari E. Pangestu, Minister of Trade, Republic of Indonesia India and Indonesia, said that India and Indonesia has constituted a Joint Study Group to evaluate the possibility of an FTA and spelled out a vision for an Asian Economic Community.

She stated that Indonesia currently exports mainly palm oil, copper and iron ore to India, and imports cotton form India. The target of $10 billion by the year 2010, can be realized only when this trade commodity basket moves beyond traditional products.

Providing guidelines on how to develop the India-Indonesia relationship further, she revealed that Indonesia is following the India's comprehensive reforms model, by setting up “islands of best practices”, that is SEZs, which would provide best infrastructure within a geographical defined area and sooner Indonesia would have a single window Investment Service Unit. India's IT, education, healthcare, pharmaceutical, tourism, e-governance, creative and automotive industry are the areas of opportunity for Indonesia, she remarked.

“We are large countries sharing a common philosophy since the days of Non-Alignment Movement” said Mr Venu Srinivasan, Managing Director, Sundaram-Clayton Ltd, India, while addressing a luncheon session “Opportunities for Indian Business in Indonesia” on second day of the Partnership Summit 2008."

Referring that India has made a mark in services industry, especially in IT, education and healthcare sectors, he said these areareas where Indonesia can bank on. He had set the target for India – Indonesia bilateral trade to reach $10 billion from the level of $6 billion in 2007.

Cooperation of Small and Medium Enterprises would provide a considerable opportunity to grow and develop this sector. He then stated that India's investments in Indonesia has so far been rewarding and fulfilling experience. It's a matter of concern that there is plethora of windows to come across in order to start manufacturing in India and this should be addressed effectively.

Confederation of Indian Industry

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