Indian chemical firms to set up joint ventures in Indonesia
Tuesday January 22, 2013 08:27:54 PM,
IANS
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Jakarta: Indian
chemical companies are looking at forming joint ventures with
Indonesian firms as they look to expand business in Southeast
Asia.
A 50-member delegation from industry association CHEMEXCIL, led by
Chairman Satish Wagh, explored investment opportunities with the
Indonesian chemical industry at a Buyer Seller Meet (BSM) here
Monday.
The BSM was organised by the Indian embassy in association with
the Federation of Indonesia Chemical Industry (FIKI) and KADIN
Jakarta to create a positive brand image of Indian business and
bridging the information gap. More than 100 Indonesian companies
attended the event during which many deals were finalised.
CHEMEXCIL promotes export of a variety of products such as dyes
and dyes intermediates, organic and inorganic chemicals, agro
chemicals, soaps and toiletries. It is a single-point source of
contact to help overseas buyers in sourcing from India.
Inaugurating the event, Ambassador Gurjit Singh said as India has
a diversified mix of industry in the chemical sector, Indonesian
companies could take advantage in associating with them.
He called for more such B2B (business-to-business) engagements and
urged both sides to look for new business opportunities and
technological transfer.
Indonesia is India's second largest trading partner in ASEAN, with
chemical industry being the fastest growing.
The ambassador said although the overall bilateral trade as well
in the chemical sector had gone up over the years, trade data
indicates that India's share of chemical exports to Indonesia is
still not commensurate with the industry strength and there is
still vast potential waiting to be tapped.
India's chemical products export has more than doubled in the last
two years. It has increased from $377 million in 2009-10 to $873
million in 2011-12.
Speaking on the occasion, FIKI Managing Director Ida Bagus Agra
Kusuma and KADIN Jakarta Deputy Chairman Irwan Hutasoit looked
forward to having India as one of the major trade and investment
partners of Indonesia.
Both sought an early initiation of a Comprehensive Economic
Cooperation Agreement (CECA) to facilitate further enhancement of
two-way trade and investment.
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