By IANS,
Shimla : India is Indonesia’s fourth largest trading partner and bilateral trade is expected to zoom from $20 to $45 billion by 2015, Indonesian ambassador Andi M. Ghalib has said.
“India is at number four now after China, the US and Japan. Very soon it will overtake Japan and even the US. In the next five years, it will be a major trading partner,” Ghalib told IANS here.
“Asean (Association of Southeast Asian Nations) is the heart of India, and Indonesia is the heart of Asia. The two economies will emerge as the largest economic block (in Asia),” the ambassador said.
He said Indian could invest in infrastructure, manufacturing and education sectors.
The ambassador, who was visiting Shimla, said Indonesia needed more airports.
“One Indian company, GVK, is developing an airport. Similarly, India is ahead of us in education. We need educational exchanges with India.”
He said Indian investment in Indonesia went up from $11.6 million in 2007 to $44 million in 2010. “India’s investments are mainly in mining, automotives, machinery, clothing, agriculture and chemical.”
Indonesia’s exports to India at present stands at $11 billion primarily based on natural resources such as coal, crude palm oil, wood, rubber and furniture.
India exports refined petroleum products, wheat, rice, sugar and steel to Indonesia.
To boost economic and trade relations, Ghalib said: “We are implementing a new investment law that would contribute towards creating a conducive investment climate for Indian companies.”