India And Indonesia Has Lots Of Room For Bilateral Cooperation

Experts have expressed their desire to see improved cooperation between India and Indonesia, two countries with around 100 years of cultural and historical connections but an apparent shortage in bilateral economic initiatives.

 

According to the Times of Assam, bilateral trade has reached $20 billion within the last 10 years but analysts believe there is still a lot of room for improvement in terms of trade and economic ties.

 

Many economists predict that India and Indonesia can create a partnership that will make a mark in the Asian region. The only way forward, though, is to come up with trade initiatives that will benefit both sides equally.

 

As part of the efforts in responding to the call for further bilateral exchange between Indonesian and Indian markets, India's Prime Minister Narendra Modi made a state visit to Indonesia and signed deals for enhanced trade.

 

Modi and Indonesian President Joko "Jokowi" Widodo agreed to establish a target of reaching $50 billion in bilateral trade within the next five years. The sectors included under the initiative are automobile segments, pharmaceuticals, health care, information technology, and other industries that are deemed to be profitable for investors and business owners.

 

Compared to other countries, Indian investments in Indonesia are only estimated at $285 million. The Indian government has been urged by analysts to continue building on the numbers.