Indonesia boosts investment policy

Indonesia is scouting for investments in India as part of its efforts to promote a new investment policy to boost the economy in the Islamic nation.

Setting a new target of $45 billion for bilateral trade with India, Indonesia is exploring investment avenues in small states like Uttarakhand with an eye on sectors like education, information technology, infrastructure, SMEs and consumer goods.

Till February 2012, the trade between the two countries stood at $20 billion. “We have now set a new target of increasing our trade to $45 billion in the year 2015 for which we have to do some hard work now,” said Lt Gen (retd) Andi M Ghalib, the Indonesian envoy after meeting a group of industrialists and visiting some schools.

“We have had very cordial meeting with industrialists and educationists,” said the envoy, who also appreciated the schools in the hill state. The Indonesian officials also met industrialists from the Confederation of Indian Industry.

India is investing in Indonesia in sectors like mining, automotives and machinery, clothing, agriculture and chemicals.

India is the largest buyer of crude palm oil from Jakarta. India exports refined oil products, wheat, rice, sugar and steel to Indonesia.

“We are looking forward to export items like machinery parts to Indonesia,” said V K Dhawan, the owner of the Sara group of industries.