Vice-President calls for ‘efforts’ to correct trade imbalance between India, Indonesia

By: Ashok Dixit

Jakarta, Nov. 2 (ANI): Asserting that the trade and investment between India and Indonesia had remained modest despite the large size and rapid growth of both economies, Vice-President Hamid Ansari on Monday called for synergised efforts in the areas of economy and business to correct the imbalance of trade.

“Despite the large size and rapid growth of our economies, the trade and investment between India and Indonesia remains modest. There is a need to synergise our efforts in the areas of economy and business to correct the sectoral and directional imbalance of our trade and to further diversify it,” Vice-President Ansari said in his address here.

“The vast consumer market, youthful and skilled human resources and expertise in the field of Information Technology of India coupled with Indonesia’s natural resources, youthful population and strategic location would provide a platform for enhanced economic engagement,” he added.

The Vice-President further said that there is a considerable potential for expanding trade in the areas of automotive components, automobiles, engineering products, IT, pharmaceuticals, bio-technology and healthcare sectors between both countries.

“Given their strategic significance, infrastructure development and energy, both traditional and renewable, are key areas for enhancing our cooperation,” he added.

Stressing on the need to encourage private sectors in both countries to make mutual investments in infrastructure and manufacturing sectors, Vice-President Ansari said that both governments are willing to provide a predictable and comprehensive legal and taxation frame-work for the same.

The Vice-President will depart for Bali on Tuesday.

Vice President Ansari arrived here for his five-day two-nation official visit to Indonesia and Brunei on Sunday

Indonesia is the first stopover for the Vice President, who is there at the invitation of his Indonesian counterpart Jusuf Kalla. (ANI)

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