By Ashok Dixit
Jakarta, Nov.1 (ANI): Vice President M.Hamid Ansari on Sunday said that while India’s bilateral trade and commercial ties with Indonesia were progressing along expected lines, there was a need to correct the low level of Indonesian investment in India.
He said Indonesia currently is India’s second largest trading partner in the ASEAN region, with bilateral trade worth 19.04 billion dollars in 2014-15, up from 6.9 billion dollars in 2007-08.
Ansari said India is the largest buyer of Indonesian crude palm oil, coal, minerals, rubber, pulp and paper and hydrocarbon reserves.
In terms of exports, Ansari said India exchanges refined petroleum products, maize,commercial vehicles, telecommunication quipment, oil seeds, animal feed, cotton, steel products, plastics and pharmaceuticals in bulk and formulation with that country.
“I believe that there is scope for more rather than less (investment) between the two countries,” he said.
On the issue of bilateral agricultural cooperation between the two countries, he said there is a Joint Working Group (JWG) in place that was working on areas for potential cooperation.
On the subject of skill development, he said that India is offering a large number of scholarships to both students and trainees.
India and Indonesia launched the India Business Forum (IBF) on July 18, 2012 to further deepen economic engagement between the two countries. This forum has brought together Indian and Indonesian CEOs, entrepreneurs and professionals on one platform to discuss and suggest ways to achieve closer economic cooperation.
Indian companies have made significant investments in infrastructure, power, textiles, steel and other areas. Several market studies have been prepared and shared with relevant stakeholders in both countries. (ANI)