Indian investments in Indonesia to reach $26-31 bn: Anand Sharma

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Sharma said that the two countries have agreed to expand their cooperation in new sectors like film production (Reuters) Sharma said that the two countries have agreed to expand their cooperation in new sectors like film production (Reuters)
SummaryIndian firms have lined up further USD 15-16 billion investments for the South East Asian nation

Having invested close to USD 15 billion in Indonesia, Indian firms have lined up further USD 15-16 billion investments for the South East Asian nation and the two countries have agreed to cooperate in new sectors like film production.

"Indian investments in Indonesia are in the range of USD 12-15 billion... Another USD 15-16 billion is in the pipeline. That will take the total Indian investments in Indonesia to USD 26-31 billion," Commerce and Industry Minister Anand Sharma said today.

Briefing media while returning after a two-day visit of an Indian delegation led by Prime Minister Manmohan Singh to Indonesia, Sharma said that the two countries have agreed to expand their cooperation in new sectors like film production.

"We have agreed to work together not only for the joint production, but also make available our film institutes and the animation studios to Indonesian entities.

"We would also like greater participation by the Indonesian companies. It is a growing economy and has rich resources many of which India needs for its own growth," the Minister said.

The Indian delegation also included External Affairs Minister Salman Khurshid.

Sharma said the two countries have set up CEO forums, joint working groups and other forums for further expansion of their economic ties.

"India has become integral to the larger economic integration process of the Asia Pacific region. India's trade with ASEAN and its five partners at EAS (East Asia Summit) has reached USD 200 billion.

"Our investments in this region have crossed USD 70 billion and there is further USD 30 billion worth committed investments in the pipeline," he added.

Before his Indonesia visit, Prime Minister was in Brunei Darussalam for attending ASEAN (Association of South East Asian Nations) and East Asia Summits.

The East Asia Summit is a forum for cooperation among the ten-member ASEAN block with its six partner countries including India, China, Japan, South Korea, Australia and the US.

The ten ASEAN members include Indonesia, Brunei, Singapore, Malaysia, the Philippines, Thailand and Vietnam.

Sharma said a new FTA in services and investments with ASEAN is expected to be signed in December and this would further expand India's relationship with ASEAN to a Comprehensive

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