Indonesia-India Trade Can Triple in Nine Years, Says Report
President Joko Widodo and PM Narendra Modi.
New Delhi, 15 Rabiul Awwal 1438/15 December 2016 (MINA) – Indonesia and India can more than triple their annual trade to US$ 50 billion in nine years, according to an expert group of the two countries.
“By 2025, India-Indonesia bilateral economic cooperation shall blossom to reach a bilateral trade volume of US$ 50 billion and two-way investment of US$ 50 billion,” Bernama quoted as saying a report prepared by the India-Indonesia Eminent Persons Group.
Their bilateral trade was about US$ 16 billion last year, with the balance of trade in favour of Indonesia, a major exporter of coal, palm oil, rubber, copper and ores to India.
India is keen to grow its exports to Indonesia, and hopes to invest in maritime infrastructure, pharmaceuticals, energy and education projects.
Indian companies also see huge potential for tapping the Indonesian services sector.
Indonesian President Joko Widodo in his talks with Indian Prime Minister Narendra Modi in New Delhi during the Dec 12-13 state visit agreed to deepen their relations, with strong focus on economic and military ties.
The blueprint for building this relationship over the next decade is laid out in the “Vision Statement 2025” prepared by the Eminent Persons Group consisting of experts from India and Indonesia.
Regional maritime security issues
Widodo, making his first India visit since becoming president in October 2014, was accompanied by his wife Iriana Widodo, key cabinet ministers and a 22-member business delegation.
His entourage included Coordinating Minister for Economic Affairs Darmin Nasution, Industry Minister Airlangga Hartarto, Trade Minister Enggartiasto Lukito, Foreign Affairs Minister Retno LP Marsudi, and Chairman of the Investment Coordinating Board Thomas Lembong.
The vision document proposes a New Comprehensive Strategic Partnership between the two countries.
It calls for deep security cooperation in the Indian Ocean and maritime infrastructure.
“India and Indonesia shall have ever closer security and defence relations, marked by close military-to-military relations, counter-terrorism collaboration, naval cooperation including combined maritime patrols, regular exchanges and joint exercises, intelligence sharing, and joint production of defence equipment and systems,” it said.
Regional maritime security issues figured prominently in the talks between Indian and Indonesian officials.
On the South China Sea issue, where China, Vietnam, the Philippines, Taiwan, Malaysia and Brunei have competing territorial claims, a joint statement on Monday called for “resolving disputes by peaceful means, in accordance with universally recognised principles of international law including the UNCLOS (United Nations Convention on the Law of the Sea).”
Without directly referring to China, the two leaders “reiterated their commitment to respecting freedom of navigation and overflight, and unimpeded lawful commerce.”
Indian President Pranab Mukherjee on Tuesday said India was ready to support Jakarta’s Maritime Fulcrum Vision and “contribute to the security of the Indo-Pacific.”
The maritime doctrine, announced by Widodo in 2014, aims to strengthen Indonesia’s naval defences and eliminate the sources of sea conflict such as illegal fishing, violations of sovereignty, territorial disputes, piracy and marine pollution. (T/R07/R01)
Mi’raj Islamic News Agency )MINA)
