The governments of Indonesia and India have pledged to increase foreign direct investment in each other's countries and bilateral trade to boost both economies.
Indian Trade and Industry Minister Jyotiraditya Madhavrao Scindia said Friday the two governments had identified particular industries that the Indonesian government was keen to see more Indian investors take part in.
"Similarly ... I'm going forward to look at greater participation from Indonesia from foreign direct investment point of view into India as well," he told reporters after meeting Indonesian counterpart, Industry Minister Fahmi Idris at the ministry.
India's realized investment in Indonesia has so far amounted to around US$2 billion, while among Indian investors, India's state-run National aluminium Company (Nalco) is set to build $3 billion aluminium smelter in South Sumatra, Indian automaker Tata International Ltd. plans to invest $200 million and Indian motorcycle producer TVS Motors plans to double its investment here to $10 million this year, according to the Industry Ministry data.
In India, Scindia said an Indonesian company, pulp and paper, oil palm plantation, cooking oil, and telecommunication, finance empire Sinar Mas Group, had made up "one of the major investments today".
Sinar Mas Group executive director Gandhi Sulistianto said the group had established a pulp and paper factory in India for over a decade ago, and planned to expand it to meet rising demand in the Indian market.