JAKARTA (TheInsiderStories) – Indian Prime Minister Narendra Modi wants the trade value with Indonesia could increase three-fold time to US$50 billion by 2025. Last year, the bilateral trade between the two countries reached $18 billion.
As a result to reached the targets, India and Indonesia have signed 15 agreements in various fields including defense, space technology, scientific and technological cooperation, railways, health, medicine, and public administration.
In the joint statement with President Joko Widodo on Wednesday (30/05), Modi also invited Indonesia to ensure maritime security in Indo-Pacific region. He said, the vision of India turning east is the same as Widodo’s vision of becoming the world’s maritime axis.
Indonesia is the biggest trade partner of India within the ASEAN region, while India is the biggest palm oil importer and one of Indonesia’s main export destinations for coal. Meanwhile, India’s investment in Indonesia has reached US$286.6 million, up significantly from $55 million in 2016.
Moreover, according to Indonesia Statistics data, Indonesian-Indian trade reached a value of $12.9 billion in 2016, with Indonesian exports of $10.2 billion and Indonesian imports of $2.1 billion. The trade volume has increased by 28.7 percent in 2017, with Indonesian exports of $14.08 billion and imports of $4.05 billion.