Hyderabad: Bilateral trade between India and Indonesia is set to increase to $45 billion by 2015 from the current level of $16.80 billion, according to Hariyanta Soetarto, Consul and Head of Chancery, Consulate General of Indonesia.
Addressing members of the Federation of Andhra Pradesh Chambers of Commerce and Industry here today, he said implementation of the ASEAN-India Free Trade Agreement was driving trade between the two countries.
He pointed out that the Indonesian Government was implementing a master plan for expansion of the Indonesian economy, focussing on 22 sectors, including shipping, textiles, steel, defence equipment, palm oil, animal husbandry, oil and gas, coal and tourism.
He wanted Indian entrepreneurs to participate in the forthcoming investment event, Jakarta Investment Expo 2013, to be held at Tangerang from October 21-23. The event will feature an investment exhibition and B2B meetings.
India is the largest buyer of crude palm oil from Indonesia. At present, India exports refined petroleum products, wheat, rice, sugar and steel to Indonesia. The country’s imports stood at $11 billion, primarily based on natural resources such as coal, crude palm oil, wood, rubber and furniture. A major player in the global coal market, Indonesia is today the second largest thermal coal exporting country, with a production of over 274 million tonnes.
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