JAKARTA - Deputy Minister of Trade Jerry Sambuaga revealed that India has long been an important trading partner for Indonesia. Indonesia and India are committed to jointly increasing bilateral trade and investment. This was conveyed at a meeting with a number of Indian business actors in Indonesia which was held at The Langham Hotel, Jakarta last Tuesday (10/5).
"This meeting is in line with the target of the leaders of the two countries to increase the value of Indonesia-India trade to USD 50 billion by 2025. It is hoped that both countries can undergo economic recovery and become stronger," explained Deputy Minister of Trade Jerry.
On this occasion, a number of 45 business actors initiated introductions and expressed their concern regarding business opportunities in Indonesia, such as constraints on importing raw materials and business permits. They also expressed their appreciation for the assistance of the Indonesian government for the sustainability of their business.
The Vice Minister of Trade explained that India is the 26th source of foreign direct investment (FDI) for Indonesia. "India's investment realization in Indonesia was recorded at USD 49.5 million spread over 465 projects. The three largest sectors include the textile industry; building land, industrial estates, and business activities; as well as trade and repairs," said the Vice Minister of Trade.
According to data from the Central Statistics Agency, Indonesia's exports to India in 2021 recorded a value of USD 13.2 billion, an increase of 27.85 percent compared to the previous year. Its main export products 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, sugar cane or beets, peanuts, frozen beef, and iron alloys. (LM)