India, Indonesia push for closer trade ties | SupportBiz

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India, Indonesia push for closer trade ties

Buoyed by bilateral trade between Indonesia and India touching a record USD20 billion and increasing at a steady pace, an Indian business delegation will visit the south-east Asian country next month to explore investment opportunities, a top official said.

"In May, around 40-50 Indian businessmen from the four South Indian states, Gujarat and others will be visiting Indonesia to explore investment opportunities," Indonesian ambassador to India, Andi M Ghalib said.

This apart, flag carrier Garuda Indonesia is planning to fly into India starting this June onwards, Ghalib told reporters.

He said that the country invites Indian investments in the areas of agriculture, rubber, mining, coal, textiles, defence, information technology and other areas.

He added that the bilateral trade target between India and Indonesia has been revised upwards, as the trade volumes have gone up.

"The earlier bilateral trade target for 2015 was fixed at USD25 billion. However, the trade value has already touched USD20 billion, and hence, the revised target for 2015 is USD45 billion. Two years ago, the trade between our two countries was USD8 billion," Ghalib said.

According to Leonard F Hutabarat, Counsellor at the Indonesian embassy in India, the trade value is loaded in favour of Indonesia.

"Indonesian exports to India are around USD11 billion, while the Indian exports to Indonesia are around USD9 billion. Indonesia exports to India coal, rubber, wood, palm oil and other items, while it imports electronics, textiles and other items," Hutabarat said.

Speaking about the return of Garuda Indonesia, Hutabarat said that the airline has been granted landing licenses in four metros - Chennai, Kolkata, New Delhi and Mumbai - and it would decide which city to operate to first.