Indonesia explores business opportunities in UP

Indonesia, the largest economy in Association of Southeast Asian Nations (ASEAN) bloc, is exploring business and trade ties with Uttar Pradesh.

While Indonesia is the world’s fourth largest market after China, India and USA, UP is virtually a country in itself with a mammoth and growing middle class and a total population of about 200 million.

To take the agenda forward, Imbang Listiyadi, trade counsellor, embassy of the Republic of Indonesia, and his aide Jusuf Juliady, held a meeting with Assocham of UP here.

Listiyadi said bilateral trade between the two countries had gone up from $1.12 billion in 1995-96 to $13 billion in 2010-11. UP industry interface Udyog Bandhu representatives also participated in the deliberations, which were focussed on trade promotion between the two countries and furthering prospects of trade between UP and Indonesia.

Udyog Bandhu presented potentials of new investments in UP and invited Indonesian investments in food processing industry, storage and preservation of food grains, fruit, etc. The state government has assured all help and support to overseas investors.

India imports palm/vegetable oil, coal, petroleum, paper products and spices, whereas major Indonesian imports are textile yarn, chemicals, electric and power machinery, refined petroleum products, iron and steel goods, wheat, rice and sugar.

India is the largest importer of crude palm oil and Indonesia has become India’s second largest trading partner in ASEAN after Singapore. India is planning procuring natural gas from Indonesia via undersea pipeline.

Assocham suggested there was big scope in industry based on essential oils and aromatic plants in UP. Indonesia has invited UP industry and government to participate in Trade Fair in Indonesia in December.

Udyog Bandhu hasinvited Indonesian investments in food processing industry, storage and preservation of food grains