MADE IN INDIA EXHIBITION OPENS IN INDONESIA
Shri Jyotiraditya Scindia, Minister of State for Commerce and Industry, and his counterpart Mr. Fahim Idris,Minister of Industry of Indonesia, inaugurated Made in India Exhibition in Jakarta, Indonesia today, organized by Confederation of Indian Industry (CII). Speaking at the inaugural ceremony, Shri Jyotiraditya Scindia said that “India’s manufacturing strengths are attracting overseas companies, making it a preferred investment destination. Except for a small negative list, FDI is allowed mostly on the automatic route into India. This policy has led to FDI equity inflows growing from close to US $ 5 billion during 2003-04 to over 27 billion in 2008-09. Despite the global economic crisis, our FDI registered a growth of 11% over the previous financial year”.
The Minister further said that India’s trade with ASEAN grew 5 times during 2001 to 2008 with a compounded annual rate of 28%. ‘India and Indonesia share several commonalities – both the countries have concluded two largest democratic processes and face the challenges of global slowdown. However, both countries have risen to the challenge and are amongst the few stable and growing economies”, the Minister added. “During fiscal 2008-09, the Indian Economy grew by 6.7% compared to 9% the previous year and fiscal 2009-10 would see a growth of 10%. Economists now need to include Indonesia in the BRIC configuration of rapidly growing emerging economies of the future” said Mr. Scindia.
Earlier at the Made in India inaugural, Mr. Fahin Idris, Minister of Industry, Indonesia, said that Indonesia is currently implementing the New Investment law that would contribute towards creating a conducive investment climate in Indonesia making it a “Business- friendly economy” thus making Indonesia a more exciting investment destination for Indian companies. Indonesia is the largest country in the ASEAN region and is India’s third largest trading partner in the region making it one of India’s most important economic partner in the region. The delegation also discussed ways and means of increasing the existing India-ASEAN trade of US $ 37 billion further with senior officials from the ASEAN Secretariat as well.