Jakarta: A 50-member-delegation of Indian chemical industry representatives, visiting Indonesia to explore possibilities of joint ventures, has signed many deals with Indonesian companies.
The delegation from CHEMEXCIL, a premier chemical industry association in India, arrived in Jakarta Monday, the Indian embassy said in a media release.
On this occasion, a buyer seller meet was organised by the embassy in association with Federation of Indonesian Chemical Industry (FIKI) and Chamber of Commerce and Industry of Indonesia (KADIN). The event was attended by over 100 Indonesian companies and many business deals were finalised.
At the meet, Indian Ambassador Gurjit Singh said India was looking at investing in Indonesia and that there was need to establish joint ventures with Indonesian companies.
As India has a diversified mix of industry in the chemical sector, Indonesian companies could take advantage in associating with them, he said, while urging both sides to look for new business opportunities and technological transfer.
Despite the overall bilateral trade as well in the chemical sector increased over the years, the Indian ambassador said, the trade data indicated that India's share of chemical exports to Indonesia was still not commensurate with the industry's strength.
"There is still vast potential waiting to be tapped," he said.
India's chemical products export has more than doubled in last two years showing an increase from USD 377 million in 2009-10 to USD 873 million in 2011-12.
CHEMEXCIL chairman Satish Wagh said that Indonesia is India's second largest trading partner in ASEAN, with chemical industry being the fastest growing sector.
CHEMEXCIL was established to promote exports of dyes and dyes intermediates, organic and inorganic chemicals, agro chemicals, soaps and toiletries, etc.
Speaking on this occasion, FIKI managing director Ida Bagus Agra Kusuma, said Indonesia looks forward to have India as one of the major trade and investment partners of Indonesia and also to the early initiation of Comprehensive Economic Cooperation Agreement negotiations "which will act as a framework for further enhancement of our trade and investment".