Interviews
Trade with Indonesia to reach $10 bn by 2010
17 Jan '08
2 min read
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.
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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