Published on : Apr 17, 2015
Strengthening the trade relations with India, Indonesian companies have been encouraged to invest under the “Make in India” initiative of the new government. At an event organized as a part of “Sahabat India” to promote the business relationships between the two nations, the deputy chief of mission at the Indian Embassy stressed that the Make in India initiative is to promote India as the ideal business partner.
The event was a joint effort of KADIN Indonesia and the Indian Embassy. A team of 40 members from Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (CHEMEXCIL) visited Jakarta to boost the trade relations with their Indonesian counterparts. CHEMEXCIL was established by the Indian Ministry of Commerce & Industry to promote exports of agrochemicals, dyes, specialty chemicals, organic, and inorganic chemicals among others.
Chemical sector is one of the major growth segments of Indonesian economy, followed by the traditional medicine and pharmaceutical sectors. The chemical industry in Indonesia registered a growth of more than 10.17 percent in 2014. Muhammad Khayam, the director in the Indonesian Ministry of Industry mentioned that India and Indonesia can together become formidable trade partners in the chemical industry business. In Indonesia, the Indian companies have invested in sectors such as banking, infrastructure, steel, automotive, mining, and so on. Among the ASEAN countries, Indonesia has been India’s second largest trading partner, contributing to the bilateral trade worth of US$20 billion in the financial year 2013-14. With trading relations to get stronger in the coming days, the business would be worth US$25 billion by end of 2015.