Interviews
SMEs to welcome engagement with Indonesian counterparts
19 Jan '08
3 min read
The Commerce Minister stated that there is lot of scope for widening the trade basket particularly in the services sector and highlighted the strengths of financial and banking sector.
He also apprised the Indonesian Minister that Indian banks are interested in having stakes in Indonesia and a few Indian banks like State Bank of India and Bank of India have already started their operations in Indonesia.
He added that Indonesia should also think about investing in banking sector in India, which would enhance the confidence of Indonesian businessmen and investors to do business with India.
As regards the Joint Study Group (JSG), Shri Kamal Nath informed that the first meeting of India-Indonesia JSG was held in October 2007 in Jakarta and the Group agreed to complete the Report by June 2008. The next meeting of the Group is proposed to be held in New Delhi in February 2008.
The bilateral trade between India and Indonesia in 2006-07 was US$ 6.20 billion, which was a massive jump of 41.22% over the previous year.
In this, the share of India's exports to Indonesia was 2.03 billion US $ whereas Indonesia's exports to India were 4.17 billion US $ with the balance of trade in favour of Indonesia.
Bilateral trade has shown impressive growth over the last 5 years with Indian exports growing at a Compounded Annual Growth Rate (CAGR) of 30.6% and Indian imports growing at 32%.
He also apprised the Indonesian Minister that Indian banks are interested in having stakes in Indonesia and a few Indian banks like State Bank of India and Bank of India have already started their operations in Indonesia.
He added that Indonesia should also think about investing in banking sector in India, which would enhance the confidence of Indonesian businessmen and investors to do business with India.
As regards the Joint Study Group (JSG), Shri Kamal Nath informed that the first meeting of India-Indonesia JSG was held in October 2007 in Jakarta and the Group agreed to complete the Report by June 2008. The next meeting of the Group is proposed to be held in New Delhi in February 2008.
The bilateral trade between India and Indonesia in 2006-07 was US$ 6.20 billion, which was a massive jump of 41.22% over the previous year.
In this, the share of India's exports to Indonesia was 2.03 billion US $ whereas Indonesia's exports to India were 4.17 billion US $ with the balance of trade in favour of Indonesia.
Bilateral trade has shown impressive growth over the last 5 years with Indian exports growing at a Compounded Annual Growth Rate (CAGR) of 30.6% and Indian imports growing at 32%.
Press Information Bureau Government of India
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