Indonesia-India Trade Value Targeted At IDR732 Trillion By 2025, Vice Minister Of Trade Meets Indian Entrepreneurs

Deputy Minister of Trade, Jerry Sambuaga. (Photo via Antara/Ministry of Trade)

JAKARTA - Deputy Minister of Trade, Jerry Sambuaga, attended a meeting with Indian business actors in Indonesia which took place at The Langham Hotel, Jakarta. This meeting is in line with the target of the leaders of the two countries to increase the value of trade.

Jerry said the target for the Indonesia-India trade value would be to increase to 50 billion US dollars (around Rp. 731 trillion) in 2025.

"It is hoped that both countries can undergo economic recovery and become stronger," explained the Vice Minister of Trade.

This meeting was initiated by the Indian Embassy. Also present were Indian Ambassador to Indonesia Manoj Kumar Bharti, Director General of National Export Development Didi Sumedi, and Expert Staff to the Minister of Trade for Market Security Sutriono Edi.

On this occasion, a number of 45 business actors initiated introductions and expressed their concern regarding business opportunities in Indonesia, such as obstacles to importing raw materials and business permits. They also expressed their appreciation for the assistance of the Indonesian government for the sustainability of their business.

According to data from the Central Statistics Agency, Indonesia's exports to India in 2021 recorded a value of 13.2 billion US dollars, an increase of 27.85 percent compared to the previous year.

Its main export products are coal, palm oil, iron alloys, industrial monocarboxylic fatty acids, and copper ore. Meanwhile, Indonesia's main imports from India are semi-finished iron products, sugar cane or beets, peanuts, frozen beef, and iron alloys.

The Vice Minister of Trade explained that India is the 26th source of foreign direct investment (FDI) for Indonesia.

"India's investment realization in Indonesia was recorded at US$49.5 million spread over 465 projects. The three largest sectors include the textile industry; building land, industrial estates and business activities; as well as trade and repairs," said Jerry Sambuaga.