Invest in Pharmaceuticals
Indonesia’s President Joko Widodo will be urging Indian businesses to invest in the Pharmaceutical sector as a first priority, followed by the infrastructure sector, during his state visit to India Dec 12-13, 2016.
The President listed out investment opportunities in his country, saying Pharmaceutical sector must be first. “Also, we have huge infrastructure needs, including toll roads, power plants, ports and airports. This is especially he case for the areas outside Java.
He said on the eve of his Dec 12-13 visit to India, “we feel that investments in this (infrastructure) sector will prove just as lucrative.”
The two countries have many similarities especially in the cultural sector with Ramayana and Mahabharata being very popular in Indonesia.
But the President would like to expand further economic, trade and investment ties as well as a broader defense and security cooperation.
Indonesia is a big coal supplier to India. Indian businesses have invested in Indonesian coal mines.
The two countries have a Joint Working Group on Coal to discuss the cooperation coal businesses.
Joko Widodo believes Indonesia and India should market its spices such as cloves and peppers to global community.
The President said he would welcome an initiative for Indonesia and India to work jointly on indigenous spices such as cloves and pepper while consider a flexible-tax trade pact to promote businesses between the two countries.
Joko Widodo would also like to see more Indian tourists visiting Indonesia. “We have many tourist destinations including Labuhan Bajo (formerly Komodo islands), Raja Ampat in Papua and Jogjakarta and Solo in Java.”
Some 5.2 million Indian tourists visited Indonesia in 2015.
Indonesia has a huge trade surplus with India.
The Indonesia-India Jan-Jun 2016 bilateral trade was USD5.9 billion, down 26.37 per cent on the year, according to data from the Ministry of Foreign Affairs.
Indonesia exported US$4.57 billion worth of goods in the first six months of this year. The exports included coal, palm oil, natural rubber, copper and ores among others. Imports from India was USD1.33 billion; a surplus of USD3.246 billion in Indonesia’s favour.
In 2015, bilateral trade was USD14.45 billion, with exports of USD11.7 billion and imports of USD2.74 billion, a surplus of USD8.97 billion.
In 2014, bilateral was USD16.20 billion, with exports USD12.25 billion and imports of USD3.95 billlion; a surplus of USD8.29 billion.
In 2013, bilateral was USD16.99 billion, with exports of USD13.03 billion and imports of USD3.96 billion; a surplus of USD9.07 billion. fii-news.com
