India-Indonesia Business Chamber Relaunches in Jakarta Ceremony

August 5, 2024

The Embassy of India in Jakarta and IndCham recently restarted the Indian Chamber of Commerce in Indonesia. This event attracted more than 150 members from important Indian and Indonesian companies, marking a key moment in boosting economic ties between the two countries.

Importance of Relaunch

The revival of the chamber meets the need for a lively business community that supports economic relations between India and Indonesia, which have grown significantly in the past ten years. The original chamber was set up in 1977 but became inactive during the pandemic.

Significant Partnerships

India and Indonesia have formed a strong partnership called Comprehensive Strategic Partners. Together, they have a combined GDP of $5 trillion and a population of 1.7 billion, making them important centers for future global growth.

Bilateral Trade Objectives

In 2022, trade between the two countries reached $38.8 billion, with plans to increase this to $50 billion by 2025. India is the 14th largest investor in Indonesia, with 80 Indian companies operating there.

Future Vision and Goals

Both countries are working towards sustainable development, focusing on industrial growth and making it easier to do business. This fits with India’s Atmanirbhar Bharat (self-reliant India) and Indonesia’s Emas (Golden Indonesia) goals. The relaunch event included presentations about the chamber’s new goals, a talk by well-known economist Sanjeev Sanyal, and discussions on Indonesia’s new Personal Data Protection Law. This shows a commitment to supporting business and encouraging new ideas.

About India-Indonesia Economic Partnership

Strong Trade Relationship: India and Indonesia have a strong trade relationship, with trade reaching $20 billion recently. They aim to increase this to $50 billion by 2025.
Collaboration in Key Sectors: They work together in important areas like energy, textiles, and technology. In 2020, they also signed a defense cooperation pact.
Shared Goals: Both countries are part of the G20 and support sustainable development, working together to achieve common goals.

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