India to hold an exhibition here next year<\/p>\n
JAKARTA (JP): India plans to hold an exhibition at the Jakarta
\nFairground next March to forge stronger economic ties with
\nIndonesia.<\/p>\n
Indian Ambassador to Indonesia S.T. Devare told The Jakarta
\nPost yesterday that the exhibition, which will involve at least
\n67 Indian companies, is expected to inform Indonesians about the
\nbusiness and trade opportunities India offers.<\/p>\n
He said the current economic relations between India and
\nIndonesia are not yet equal to the potential, adding that annual
\ntwo-way trade stands at only US$650 million.<\/p>\n
\"There seems to be a lack of communication between us. I don't
\nmean to say that we don't know anything about each other. We seem
\nto know each other but we have not yet deeply explored our
\npotential,\" Devare said.<\/p>\n
Although India and Indonesia are both developing countries and
\nshare common interests and similar problems, they have many
\ncomplementary aspects which need to be fully explored, he added.<\/p>\n
He said Indonesia has many natural resources, such as rubber,
\ncoal, tin, palm oil, crude oil and natural gas, while India has
\nengineering goods, capital goods, chemicals, feed stocks and
\npower generation equipment, most of whom Indonesia still imports.<\/p>\n
To coincide with the expo, the joint business council between
\nthe two countries' chambers of commerce and industry will hold
\nseminars on investment opportunities in both countries.<\/p>\n
The ambassador said the Indian companies will bring their
\nproducts and services to the exhibition and invite their
\nIndonesian counterparts to establish closer business contact with
\nthem.<\/p>\n
\"Indonesian businessmen are warmly welcomed in India and we
\nare repeatedly requesting them to go to India to participate in
\nvarious specialized trade fairs because India, as you know, is a
\nlarge market,\" Devare said.<\/p>\n
Indian businesses began investing here more than 20 years ago.
\nHowever, there are only about 20 Indian joint ventures in
\nIndonesia, ranging from the textile industry to machine tool
\nproduction.<\/p>\n
The ambassador said Indonesian businesses investing in India
\nat present could benefit from the country's new economic
\nliberalization.<\/p>\n
Foreign investment in India has so far been marginal, Devare
\nsaid. During the last four-and-a-half years, foreign investment
\nhas not yet exceeded $5 billion.<\/p>\n
\"Of course, the potential for investment are there, and the
\nIndian stock exchanges, which are among the oldest in Asia, are
\ngoing well in attracting portfolio investment,\" Devare said.<\/p>\n
He explained that India has vigorously pursued economic
\nliberalization since mid-1991, when the country started stripping
\nall monopolistic rights from state enterprises and allowing the
\nprivate sector, including foreign investors, to enter almost all
\nsectors.<\/p>\n
He said that India is now able to feed its 923 million people,
\nand that the country is increasingly becoming an exporter of
\nbasic commodities, such as rice and sugar.<\/p>\n
Economic growth, which was stagnant for many years, has picked
\nup during the last four years, reaching 5.3 percent last year.
\nThis year, the Indian economy is expected to grow by nearly 6
\npercent.<\/p>\n
Inflation has been kept at single digits, some 8.5 percent per
\nannum. The government is aiming to bring the inflation rate down
\nto between 5 percent and 6 percent in coming years.<\/p>\n
Devare said India's economic reforms have the full support of
\ncountry's 26 states, many of which have recently been competing
\nwith one another to attract foreign investment.<\/p>\n
\"Consensus on economic reforms and the liberalization is now
\nvery much there,\" Devare said, adding that the reform process
\nwill continue no matter which political party controls the
\ncountry. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/india-to-hold-an-exhibition-here-next-year-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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