Indonesia eyes $50 billion bilateral trade with India by 2025

Indonesia is eyeing a $50 billion bilateral trade with India by 2025, as the figure has already reached $20 billion last year.

Agus P. Saptono, Consul General of Indonesia said that his country is keen on enhancing trade and investment ties with India in the areas of information technology, health and pharmaceuticals, agro products, automotive components and tourism related projects.

Speaking to BusinessLine on the sidelines of a meeting with officials of Kerala Chamber of Commerce and Industry here on Monday, he said Indonesia is looking at increasing the spices trade from India that included cloves, nutmeg, pepper, vanilla etc. Indonesia sees India as a good investment destination and looking at a comprehensive economic partnership for the mutual benefit of the two countries.

Kerala also offers good opportunities to build trade ties with Indonesia especially in the sectors of tourism promotion, spices production, furniture exports which is having a huge growth potential.

According to him, Indonesian exports to India consists of textiles, electronic goods, footwear and sawn timber, while chemicals, pharmaceuticals, machines and motor vehicles, automotives are the major imports from India to Indonesia. Besides, Indonesian companies have significantly invested in the food processing sector in India.

To a question on the issues connected with copra imports from Indonesia due to higher price, container shortage and rise in freight rates, Saptono said they are aware of the situation being faced by coconut exporters in India and is trying to sort out the issues for the benefit of both the parties.

Asked on the impact of Covid on the business, he said the economy in that country has slowly started recovering and things would be better this year.