Some 50 indian businessmen to visit Indonesia in October

Kolkata (ANTARA News) – Businessmen of some 50 Indian companies were scheduled to visit Jakarta at the end of October to explore trade opportunities with Indonesian partners, an official said here on Saturday.

“At the end of October we are going to visit Indonesia,” Additional Director of Indian Chamber of Commerce Bodhisattwa Mukherjee said during a briefing with a group of ASEAN journalists in Kolkata, Saturday.

The businessmen of the Indian companies that will attend a business forum in Jakarta would be mainly form textile sector, specifically in furnishing, home decor, machinery, and finished products.

Indonesia is also a potential market for Indian construction companies, Mukherjee added.

Besides Indonesia, the delegation of Indian companies will also tour to several Southeast Asian countries.

It would be one of Indias efforts in achieving balanced and fast-paced growth of its Northeastern region as Prime Minister Narendra Modi initiated in the Act East Policy.

The Act East Policy requires increased people to people contact, trade ties and other relations with countries on Indias east, particularly ASEAN countries.

“The idea is not only to exhibit products, but also to interact with other countries as well,” Mukherjee said.

Indonesia holds significance for the Indian economy, as it is the biggest trading partner in the Association of Southeast Asian Nations. India has become an export destination country for Indonesian palm oil and the second-largest coal importer for India.

With regard to investment, India is also important for Indonesia. Indias investments rose significantly in 2017, more than five folds from $55 million a year earlier to $286.6 million.

Based on data from the Central Bureau of Statistics, in 2017, the Indonesia-India trade balance increased 28.7 percent, with total exports of $14.08 billion and imports at $4.05 billion.

Source: ANTARA News