Message from Indian Ambassador S.T. Devare
Message from Indian Ambassador S.T. Devare
I am grateful to The Jakarta Post for the opportunity to inform, through this special feature, about the important events taking place in Indian-Indonesian bilateral economic relations, which are planned for Jakarta. An exclusive Indian Trade Exhibition will be held at the Jakarta Fair Grounds, Kemoyaran, from March 19 to March 23, 1996.
A meeting of the Joint Business Council, between the Indonesian Chamber of Commerce and Industry (Kadin) and the Federation of Indian Chambers of Commerce (FICCI), will take place on March 19, following which there will be a seminar, "Partners in Progress", at which Indonesian and Indian entrepreneurs, businesspeople and officials are expected to discuss, in depth, business opportunities between the two countries.
A high-level delegation from India will be participating in these events. Besides this, the Engineering Export Promotion Council (EEPC) of India will be holding discussions with interested Indonesian companies on March 20.
Indonesia-India economic relations have been steadily improving in recent years. Our bilateral trade has registered a marked increase from a two-way bilateral trade of US$596 million in 1994, to an estimated figure of $800 million in 1995. In 1994, the trade was also fairly balanced, with Indian exports to Indonesia at $318 million and Indonesian exports to India at $278 million.
There are 17 Indian joint ventures in Indonesia, with investment at about $216 million. Some of these companies are currently undergoing expansion. Lately, Indonesian investment has also begun in India. Given the size of our economies and markets, human and natural resources and the proximity of the two countries, the current trade or mutual investment is indeed far below the actual potential. There are extensive complementarties which need to be further explored and with this view in mind, the proposed exhibition and business meetings in Jakarta have been planned.
The Trade Exhibition, put up by the Indian Trade Promotion Organisation, which has experience and expertise in organising such fairs all over the world, will have the participation of 60 Indian companies, large, as well as medium and small, in fields ranging from machine tools, electrical equipment, chemicals, auto components, agro-industrial products, to consultancies and services.
At this Indian Fair, the kind of which is taking place here after six years, manufactured goods and machinery will be on display and businesspeople will be available for one-on-one discussions. I am sure this will enable Indonesian businesspeople to have a firsthand view and knowledge of Indian products and services in a number of areas.
The Joint Business Council between India and Indonesia has been meeting from time to time and their discussions next week, at the level of the Presidents of Chambers of Commerce and Industry of the two countries, will provide a very useful opportunity to review our bilateral trade and economic cooperation and to take new initiatives in promotion of our business ties as the economies of India and Indonesia surge ahead with greater liberalisation and reforms.
The proposed seminar will centre on three specific themes, namely, computer software, textile machinery and automotive components. These three areas are of mutual interest. Business speakers from Indonesia and India will be speaking in detail on these subjects and encouraging possibilities are envisaged for developing close ties in these fields.
Indonesia and India have consistently subscribed to and supported the idea of South-South cooperation. Both our countries have the necessary resources and strengths to enlarge our bilateral ties and thereby promote the larger concept of South- South cooperation.
As a Full Dialogue Partner with ASEAN, India looks forward to enhancing its economic, industrial, scientific and technological contacts with ASEAN countries. I am confident that the forthcoming events will lend a new vigour and give impetus to our continuing efforts in forging a "partnership in progress" with Indonesia.