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10 Nov, 2023 News Image Odisha CM Naveen Patnaik Inagurates International Convention On Millets In Bhubaneswar.
Odisha CM Naveen Patnaik inagurates International Convention on Millets in Bhubaneswar. Inaugurating the International Convention on Millets organised in Bhubaneswar, CM Naveen Patnaik said that #Odisha is a pioneer in designing a people centric millet mission with focus on livelihoods and nutrition of tribal communities. Highlighting that the UN has declared 2023 as International Year of Millets, CM said Odisha is the first state to organise such a mega event involving all the stakeholders.
 
Welcoming the national and international guests, CM said that Millets are traditional grains, climate resilient and a power house of nutrition. These cereal crops can play an important role to achieve nutritional security and emerge as hope for future. CM stressed that the State govt will put all efforts to make #Odisha a centre for excellence and contribute to economic growth, wellbeing, and health of the people.
 
Odisha Millet Mission launched in 2017 & in December 2020, the then Niti Aayog CEO had lauded OMM’s path breaking work to revive millets in farms & plates
 
As 2023 is being observed by UN as the International Year of Millets, Odisha Govt is organising a two-way International Conference on Millets to popularise the super food at the global level & raise farmers’ awareness to be part of the millet journey.

 Source:  orissadiary.com
10 Nov, 2023 News Image India and Ethiopia Strengthen Bilateral Trade Ties during 6th Session of Joint Trade Committee.
The 6th Session of the India-Ethiopia Joint Trade Committee (JTC) convened in Addis Ababa, Ethiopia, from November 6 to 7, 2023, to bolster their economic partnership. The meeting, co-chaired by Priya P. Nair, the Economic Advisor of the Department of Commerce, Ministry of Commerce and Industry, Government of India, and Tages Mulugeta, Lead Executive of International and Regional Trade Integration, Ministry of Trade & Regional Integration, Ethiopia, was a significant step towards advancing the already close relationship between the two nations.
 
Ambassador of India to Ethiopia, Robert Shetkintong, and senior officials from both sides were in attendance at the JTC, which emphasized the importance of addressing obstacles to bilateral trade and promoting economic cooperation. During the discussions, the Indian side extended an invitation to Ethiopia to explore collaboration on the Unified Payment Interface (UPI) of India with Ethswitch of Ethiopia. This initiative aims to enhance the efficiency and convenience of financial transactions between the two nations.
 
Furthermore, India encouraged Ethiopia to consider the possibility of settling trade transactions in local currency, a move that could foster trade growth and conserve foreign exchange. The atmosphere at the 6th Session of the India-Ethiopia JTC was characterized by cordiality and forward-thinking, reflecting the enduring friendly relations between the two countries.
 
Both India and Ethiopia conducted a comprehensive review of their recent trade and investment ties, recognizing the immense potential for further expansion. The two nations identified various key areas for mutual cooperation, including health and pharmaceuticals, automobiles, textiles, infrastructure projects, food and agro-processing, and more.
 
Additionally, discussions surrounding Memorandums of Understanding (MoUs) related to Standardization & Quality Assurance and Customs procedures were underway, with both sides committing to their swift conclusion. India also urged Ethiopia to expedite the finalization of a Bilateral Investment Treaty, a move that would offer increased protection and opportunities for investors from both countries.
 
Ethiopia, the Federal Democratic Republic, has been one of the fastest-growing economies in the African region, with an estimated growth rate of 6.4% in the year 2021-22. Bilateral trade between India and Ethiopia reached USD 642.59 million in the 2022-23 fiscal year. India stands as the second-largest exporter to Ethiopia, with Indian companies ranking among the top three foreign investors in the country.
 
The existing Indian investment in Ethiopia stands at approximately USD 5 billion, with substantial commitments on the ground in various sectors such as agriculture, engineering, plastics, manufacturing, textiles, water management, pharmaceuticals, and healthcare.
 
As both nations continue to explore new avenues for cooperation, the prospects for future growth in trade and investment appear promising.
 

 Source:  krishijagran.com
10 Nov, 2023 News Image Armenia Mulls Joining Chabahar Port Project To Strengthen Trade Ties With India, Other Asian Nations.
Armenia is currently engaged in discussions to join Iran's Chabahar Port project, aiming to open trade routes to India and additional Asian countries.
 
The South Caucasian country is reportedly hoping for early establishment of linkage between the International North South Transport Corridor (INSTC) and Chabahar Port to ensure uninterrupted connectivity.

 Source:  swarajyamag.com
10 Nov, 2023 News Image APEDA facilitates export of first trial shipment of banana to The Netherlands via sea.

In a significant boost to the prospects of fresh fruit exports, the Agricultural and Processed Food Products Export Development Authority (APEDA), operating under the Ministry of Commerce and Industry, has facilitated the export of the first trial shipment of fresh bananas to the Netherlands, by InI Farms, via a sea route.

The first export consignment of one container of bananas to the Netherlands was flagged off yesterday (9th November, 2023) by APEDA Chairman Shri Abhishek Dev from Baramati, Maharashtra.

For the trial shipment of bananas, APEDA has enlisted the support of ICAR-Central Institute for Subtropical Horticulture (CISH), Lucknow for technical assistance while InI Farms has partnered with Del Monte for marketing and distribution in Europe, and Maersk for logistics.

The trial shipment of bananas to Europe was carried out by the APEDA-registered 'InI Farms,' a top exporter of fruits and vegetables from India and their produce being exported to over 35 countries worldwide. Over the past two years, the firm has made extensive efforts to enhance the quality and shelf life of bananas to meet the strict standards of the European market. As part of the Agrostar group InI Farms has also established a value chain for bananas by working directly with farmers.

During the event, the APEDA Chairman mentioned that the beginning of banana exports to the Netherlands would lead to higher prices and increased income for farmers. He also highlighted that this trial shipment would open up the significant export potential of the European market for Indian bananas.

The long-distance market and high costs were obstacles to starting commercial operations, and the export of the first trial shipment of bananas will help build capacities among Indian exporters and European Union (EU) importers by ensuring the export of quality fruits.

Despite being the world's largest banana producer, India's export share is currently just one percent in the global market, even though the country accounts for 26.45 percent of the world's banana production at 35.36 Million Metric Ton. In the fiscal year 2022-23, India exported bananas worth USD 176 million, equivalent to 0.36 MMT.

With the first trial shipment to the European market, it is estimated that India may be able to export bananas worth more than USD one billion in the next five years. This could also lead to an increase in the income of more than 25,000 farmers and create rural livelihoods directly for over 10,000 people in the supply chain and indirectly provide employment for over 50,000 people on farms.

The major export destinations for Indian bananas include Iran, Iraq, UAE, Oman, Uzbekistan, Saudi Arabia, Nepal, Qatar, Kuwait, Bahrain, Afghanistan, and the Maldives. Additionally, there are abundant export opportunities in countries such as the USA, Russia, Japan, Germany, China, the Netherlands, the UK, and France.

As India has been playing a larger role in banana trade with the Middle East for the last 15 years, it is estimated that exports will exceed USD 303 million in the fiscal year 2024.

Banana is a major horticultural crop grown in the states of Andhra Pradesh, Tamil Nadu, Maharashtra, Kerala, Maharashtra, Gujarat, Telangana, and Uttar Pradesh. Andhra Pradesh is the largest banana-producing state, followed by Maharashtra, Karnataka, Tamil Nadu, and Uttar Pradesh. These five states collectively contribute around 67 percent to India's banana production in the fiscal year 2022-23.

Other states that also produce bananas include Gujarat, Karnataka, Madhya Pradesh, Bihar, West Bengal, Assam, Chhattisgarh, Odisha, Mizoram, and Tripura.

The increase in the export of agricultural and processed food products is a result of various initiatives undertaken by APEDA to promote agricultural and processed food product exports, such as organizing B2B exhibitions in different countries and exploring new potential markets through product-specific and general marketing campaigns with the active involvement of Indian Embassies with a special focus on natural, organic, and Geographical Indication (GI) tagged agro-products.

APEDA is making continuous efforts in promoting exports of fresh fruits and vegetables and has initiated to develop sea protocols for other fruits which have significant export potential.


 Source:  PIB
09 Nov, 2023 News Image 6th Session of India-Ethiopia Joint Trade Committee held successfully in Addis Ababa, Ethiopia.
The 6th Session of India-Ethiopia Joint Trade Committee (JTC) was conducted in Addis Ababa, Ethiopia from 6-7 November, 2023. The meeting was co chaired by the Economic Advisor, Department of Commerce, Ministry of Commerce and Industry, Government of India, Ms. Priya P. Nair and the Lead Executive of the International and Regional Trade Integration, Ministry of Trade & Regional Integration, Ethiopia, Mr. Tages Mulugeta. Ambassador of India to Ethiopia, Shri Robert Shetkintong and other senior officials from both sides also participated in the JTC.
 
Both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries. The Indian side invited the Ethiopian side to collaborate on the Unified Payment Interface (UPI) of India with Ethswitch of Ethiopia. Further, the Indian side also  urged Ethiopia to explore the possibility of settlement of trade transactions in local currency which will help boost bilateral trade and conserve foreign exchange. The deliberations of the 6th Sessions of India-Ethiopia JTC were cordial and forward-looking, reflecting the traditionally friendly and special relations between the two countries.
 
Both sides undertook a detailed review of recent developments in bilateral trade and investment ties and noted that the relationship has a huge potential to be scaled up even further.  To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include health and pharmaceuticals, automobiles, textiles, infrastructure projects, food and agro processing and so on. Both sides also reviewed the progress of ongoing discussions for Memorandum of Understanding (MoUs) in the field of Standardization & Quality assurance and Customs procedure and agreed to conclude them expeditiously. The Indian side also requested the Ethiopian side to expedite the early finalization of the Bilateral Investment Treaty.
 
The Federal Democratic Republic of Ethiopia is one of the fastest growing economies in the African region, with an estimated growth of 6.4% in the year 2021-22. Bilateral trade between India and Ethiopia stood at USD 642.59 million in 2022-23. India is the second largest exporter to Ethiopia. Indian companies are among the top three foreign investors in Ethiopia with existing Indian investment of USD 5 billion of which, about USD 3-4 billion is estimated to be on the ground. Indian companies have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals and healthcare.

 Source:  pib.gov.in
09 Nov, 2023 News Image Looking at liberalising some restrictions on SEZ units: Piyush Goyal.
Commerce and Industry Minister Piyush Goyal on Wednesday said the government is looking at easing certain restrictions for units in the special economic zones (SEZ) to promote the sector's growth.
 
SEZs in India are treated as foreign territories for trade and customs duties, with restrictions on duty-free domestic sales.
 
'We are looking at ways and means to liberalise some of these restrictions on SEZ units. It's under consideration...We are discussing it with all the stakeholders and hopefully that itself will give a significant boost to the SEZ units,' Goyal said here at an industry chamber function.
 
Regarding the industry's demand to extend benefits of the Remission of Duties or Taxes on Export Products (RoDTEP) Scheme to SEZs, he said the ministry will go about it 'cautiously'.
 
'At some point in time we will consider it once we are very confident that it will not lead to WTO non-compliance,' he added.
 
In these zones, the largest areas of exports are petroleum products and software.
 
Companies in SEZs are urging the government to permit them to sell their products in domestic tariff areas or domestic markets without paying the import duties that currently apply, similar to duty-free FTA imports.
 
SEZs have emerged as an important contributor to India's exports. Total exports from SEZs stood at USD 155.8 billion in 2022-23. These included USD 61.6 billion in merchandise and USD 94.2 billion in services exports.

 Source:  economictimes.indiatimes.com
09 Nov, 2023 News Image Natural farming will reduce the demand for fertilizers and will also increase food grain production.
Union Home Minister and Minister of Cooperation, Shri Amit Shah addressed the National Symposium on ‘Promotion of Organic Products through Cooperatives’ organized by National Cooperative Organics Limited (NCOL)  as the Chief Guest in New Delhi today. Shri Amit Shah launched the logo, website and brochure of NCOL and also distributed membership certificates to NCOL members. On this occasion, many dignitaries including Union Minister of State for Cooperation Shri B.L. Verma, Secretary, Ministry of Cooperation and Chairman, NCOL were present.
 
In his address, Shri Amit Shah said that natural farming is one of the many goals set by Prime Minister Shri Narendra Modi in the year of Amrit Mahotsav for building a self-reliant India. In order to achieve this goal, we have to work on many fronts and move ahead by coordinating between them. He said that the goal of taking natural farming above 50 percent in India cannot be achieved without a multidimensional approach and these three works completed today are very important to achieve this goal. He said that it is a matter of great satisfaction for India that today we are not only self-reliant in the field of agricultural produce but are also surplus and we have to assess this journey. Shri Shah said that the bad consequences of excessive use of fertilizers and pesticides to increase production have started appearing before us today. Their excessive use has not only reduced the fertility, polluted the land and water but has also given many diseases. He said that Prime Minister Shri Narendra Modi has called upon farmers across the country to adopt natural farming. He said that in the last 5-6 years, lakhs of farmers of the country have adopted natural farming and the number of such farmers is gradually increasing. He added that the problem for both farmers and consumers arises without proper certification. To solve this problem, the Union Cabinet under the leadership of Prime Minister Shri Narendra Modi approved the formation of National Cooperative Organics Limited (NCOL) on January 11, 2023.
 
Union Minister of Cooperation said that under the leadership of Prime Minister Shri Narendra Modi, National Cooperative Organics Limited has been formed to provide a platform to all the farmers doing natural farming across the country and to make arrangements for marketing of their products. He said that today 6 products of Bharat Organics have also been launched in the market. Shri Shah said that in the coming days, Bharat Organics will become the most trusted and biggest brand not only in India but also in the global organic market. He said that our track record shows, when cooperatives and farmers get the right platform, we perform best. He said that including the 6 products launched today, a total of 20 products will be launched by December this year and the farmers producing them will start getting its benefits. He said that the sale of 6 products is starting from today through 150 outlets of Mother Dairy and these products will also be available online. Along with this, with the concept of Organic Under One Roof, a retail outlet network of all organic products is also being started today.
 
Shri Amit Shah said that the government led by Prime Minister Shri Narendra Modi has strengthened the agricultural economy by keeping the small farmers of the country at the centre. He said that if all farmers connect with natural farming through cooperatives, then we will be able to achieve the 4 goals i.e. every citizen should be healthy, land should be safe, water should be safe and our farmers should be prosperous set by the Prime Minster Shri Narendra Modi.
 
Union Minister of Cooperation said that in our country, crores of cattle farmers commercially produce cow dung every day. Its commercial use can bring a huge revolution and can also significantly increase income of the farmers. He said that today the website of National Dairy Development Board (NDDB) Soil Limited and organic fertilizer produced from Varanasi biogas plant also inaugurated. Cow dung should be used in land conservation, natural farming and increasing the income of farmers in the country. He said that NDDB and Gujarat State Fertilizers & Chemicals Limited (GSFC) have also registered a brand for high quality cow dung. They have also set up a cow dung gas plant with a capacity of 4000 cubic meter in Varanasi.
 
Union Home Minister and Minister of Cooperation said that due to the efforts made by Prime Minister Shri Narendra Modi to strengthen cooperatives with the mantra of 'Sahakar se Samriddhi', the rural and agricultural sector of the country, small and marginal farmers, more than 8 lakh registered cooperative societies and 90 percent of the people of the country have joined the cooperative movement. He said that natural farming will reduce the demand for fertilizers and it will also increase the production of food grains. He said that the sooner we assimilate this new beginning, the more our country will move forward in the field of agriculture and for this the Modi government has taken many initiatives.
 
Shri Amit Shah said that National Cooperative Organics Limited is jointly promoted by Amul, National Cooperative Consumers’ Federation of India Ltd (NCCF), National Agricultural Cooperative Marketing Federation of India Ltd (NAFED), National Dairy Development Board (NDDB) and National Cooperative Development Corporation (NCDC). It is launched with an authorized capital of Rs 500 crore. Till now, it has more than 950 members in Madhya Pradesh, Gujarat, Uttar Pradesh, Andhra Pradesh, Maharashtra and Nagaland and membership applications from more than 2000 cooperative institutions have been received. He said that National Cooperative Organics Limited is a multipurpose initiative, which will give momentum and direction to the country's mission of land and water conservation and increasing the food production. This will be the biggest undertaking of the country in the next 5 years and will prove to be a big leap towards achieving Prime Minister Shri Narendra Modi’s goal to provide better health to all the countrymen. Shri Shah said that this organization will also work as a platform for marketing, branding and export of the products of farmers engaged in natural farming. After integration, certification, testing, standardization, procurement, storage processing, branding, labeling, packaging and marketing of organic products, the entire export work will be done by National Cooperative Organics Limited, which will give recognition to our organic products in the global market in the coming days.
 
Union Minister of Cooperation requested Primary Agricultural Credit Societies (PACS), Farmers Producer Organizations (FPOs) and progressive farmers across the country to associate with NCOL, strengthen the ‘Bharat Brand’ and make themselves prosperous through this brand. He said that every farmer associated with natural farming in the country should join National Cooperative Organics Limited. He added that whatever profit is earned from organic products in India and the world, should go directly into the bank accounts of the farmers. It has been decided to ensure that 50% of the price received above the Minimum Support Price (MSP) will be deposited directly into the farmer's bank account on per kilogram basis. Shri Shah said that the Modi government has decided that by the year 2024, more than 25,000 members will join NCOL and this organization has also started the work of creating a database of organic farmers. He expressed confidence that after the launch of ‘Bharat Brand’, India will stand very strongly in the world organic market in the next 10 years.
 
Shri Amit Shah said that to make a long-term market plan, it is very important to have a laboratory recognized by National Programme for Organic Production (NPOP) in every District and Tehsil of the country. He said that at present there are a total of 246 laboratories in the country, out of which 147 are private and 99 are of the government, but out of these only 34 labs are recognized by NPOP. Shri Shah said that with the Whole of Government Approach, the government has decided to set up about 100 mobile laboratories and 205 laboratories by next year in collaboration with Food Safety and Standards Authority of India (FSSAI) and other government institutions. It will increase 300 laboratories and almost every district of the country will be covered, due to which testing and certification of land and products can also be done. Thus, there will be 439 laboratories across the country by the next year, which will provide great convenience to the farmers in getting their products certified and also to the National Cooperative Organics Limited in purchasing the certified products.

 Source:  pib.gov.in
09 Nov, 2023 News Image Government prioritises processed food exports as restrictions on raw items increase in frequency.
The government will continue promoting the export of processed food products in place of raw agriculture commodities, said Commerce Secretary Sunil Barthwal while highlighting that the share of processed foods in the agri export basket has increased to 27 per cent from 14 per cent in the past decade.
 
After visiting stalls at the ongoing World Food India 2023 exhibition in Delhi, Barthwal said that over 1,000 buyers from abroad have come from 80 countries, including about 135 from the Middle East, at the invitation of Agricultural and Processed Food Products Export Development Authority (Apeda), Marine Products Export Development Authority (Mpeda), Spice Board, Tea Board and Coffee Board.
 
He said the priority will always be for the government to ensure sufficient availability for the 1.4 billion people of the country, and only the surplus has to be exported. Since the better price realisation comes from processed foods, the government would like exporters to process those raw products in the country and ship them after converting them to value-added products as per global demand.
 
Apeda, government’s key agri export promotion body, on Friday, signed an MoU with LuLu Hypermarket to work agri products in the global market.
 
The MoU, aimed at boosting exports of agricultural products to the Gulf Cooperation Countries (GCCs), was signed between Apeda Chairman, Abhishek Dev and Chairman-cum-Managing Director of LuLu Group, Mr Yusuf Ali MA at the World Food India 2023. The LuLu Group International (LLC) has its presence across the GCC, Egypt, India and the Far East with 247 stores in operation and 24 shopping malls.
 
As per the MoU document, LuLu Group will actively promote and showcase a wide range of products in APEDA basket of agricultural and processed food products in its retail outlets. A dedicated shelf space (special sections or aisles) will be allocated within LuLu stores to display Apeda’s products prominently and to enhance their visibility. Besides, Apeda and LuLu group will also engage with consumers through joint interactive events, sampling/tasting campaigns, season specific campaigns for fruits and vegetables, new product launch and the promotion of products arising from Himalayan/North Eastern States, organic products, according to an official statement by Commerce Ministry released Monday.
 
Apeda also facilitated signing of MoUs of Marketing Boards of Arunachal Pradesh, Jammu and Meghalaya as well as Sher-e-Kashmir University of Agricultural Sciences & Technology with Lulu group aimed at boosting exports potential from Himalayan and North Eastern states, it said. Both Apeda and LuLu group would jointly facilitate export-oriented promotional programmes such as Buyer-Seller meets (BSM), trade fairs and road shows in association with the Indian missions abroad.
 
According to Apeda data, India’s export of 27 categorised products promoted by the agency has dropped 11 per cent to $ 10.54 billion during April-August of the current fiscal mainly due to curbs on wheat and non-basmati shipments.
 
Surpassing the target of $ 23.56 billion, exports of major agriculture and processed products (broadly divided under 27 categories) promoted by Apeda jumped 8.74 per cent to $26.72 billion during the last fiscal from $24.57 billion in 2021-22.

 Source:  thehindubusinessline.com
09 Nov, 2023 News Image India, Malaysia looking at reviewing 2011 trade pact, says Malaysian Foreign Minister Kadir.
India and Malaysia are firming up a framework for conducting trade in national currencies and initiating a process to review the 12-year-old comprehensive economic cooperation agreement to include new domains and items, Malaysian Foreign Minister Zambry Abdul Kadir said. At the end of a three-day visit to India, Kadir told PTI that both sides are keen to expand trade engagement in new and emerging areas such as electronics, semiconductors, fintech, renewable energy, new technology and startups.
 
Ways to further boost the overall trajectory of ties were discussed extensively during talks between External Affairs Minister S Jaishankar and his Malaysian counterpart on Tuesday night.
 
Asked about India's long-pending demand to Malaysia to extradite fugitive evangelist Zakir Naik, Kadir did not give a direct reply and said Kuala Lumpur is keen on strengthening institutional mechanisms to boost security cooperation rather than focusing on any individual.
 
Naik is facing a multi-agency probe in India on a variety of charges, including terror-related activities and inciting extremism through hate speeches. He left India in 2016.
 
Kadir also expressed Malaysia's gratitude to India for providing 170,000 metric tonnes of non-basmati white rice recently when the country was reeling under shortage of rice.
 
India banned export of non-basmati white rice in July, but the restriction was lifted for a small number of countries last month.
 
To a question on escalating tensions in South China Sea in view of China's increasing assertiveness, Kadir said Malaysia and other member nations of the ASEAN do not want to allow this region to become a 'flashpoint' and an area for 'big power' competition.
 
Listing various measures to expand India-Malaysia bilateral trade, he said both sides are finalising the framework for conducting trade in national currencies.
 
'We want to use it and both the countries can benefit from it. We think such a move will strengthen the local currencies,' he said late on Tuesday night.
 
India is in talks with a number of partner countries to develop alternative arrangements for trade settlements in national currencies in addition to the existing system of using freely convertible currencies like the US dollar.
 
The Malaysian foreign minister also said that he and Jaishankar discussed the need for having a re-look at the Comprehensive Economic Cooperation Agreement (CECA) that came into effect in July, 2011.
 
'We feel there is a need to have a re-look at it to include new areas of trade like the digital economy and other emerging areas,' Kadir said.
 
The CECA covers trade in goods, services, investments and movement of people.
 
The Malaysian foreign minister also said that his country is interested in expanding defence cooperation with India, including procuring military platforms and hardware.
 
To a question on whether Malaysia is keen to procure BrahMos supersonic missiles from India, Kadir declined to comment but said ministries concerned of the two sides will look into all relevant issues for deepening defence ties.

 Source:  economictimes.indiatimes.com
09 Nov, 2023 News Image Indonesian envoy bats for fostering stronger bilateral ties with India in trade and investment.
Indonesia’s Ambassador to India Ina Hagniningtyas Krisnamurthi on Wednesday expressed her country’s commitment to fostering stronger bilateral ties with New Delhi in trade and investment.
 
With Indonesia’s special focus on its Special Economic Zone Sei Mangkei, she highlighted the investment opportunities in the SEZ.
 
At a session held on 'Opportunities to Invest in Special Economic Zone Sei Mangkei' at the CII Northern region headquarters here, Krisnamurthi highlighted investments from Indian investors worth USD 198 million in the SEZ.
 
According to a CII statement, the bilateral trade between the two nations has reached USD 38.84 billion, positioning Indonesia as India’s largest trading partner in Southeast Asia for the 2022-23 period.
 
This robust trade relationship is underpinned by the investments made by more than 40 Indian companies to date in various sectors such as rubber, plastics, chemicals, textiles, and FMCG within Indonesia, it said.
 
Krisnamurthi expressed her country’s commitment to fostering stronger bilateral ties in trade and investment through the motto ‘Toward Golden Indonesia 2045 – realizing a sovereign, advanced, and sustainable nation through investment’.
 
She stated, 'We’re ready to support and facilitate any inbound investment to Indonesia and outbound investment. This showcases the stronger bilateral commitment in investment, trade, and economy between our two great nations.' 'Furthermore, SEZ Sei Mangkei stands out as one of the best investment destinations in Indonesia, and we encourage businesses to make full use of its potential,' she said.
 
Edward Samantha, Director, PT Kawasan Industri Nusantara (KINRA) in North Sumatra, Indonesia, a state-owned enterprise responsible for developing the Sei Mangkei SEZ, emphasized Indonesia’s commitment to promoting Foreign Direct Investment (FDI) enhancement by establishing the SEZ.
 
'With the SEZ capacity we have, abundant incentives will become the major booster for the industry’s development, thus unleashing the maximum potential of each industry,' he said.
 
Highlighting CII’s efforts to boost bilateral trade, Vivek Gupta, Chairman – CII Chandigarh chapter, said, 'CII has been engaging with Indonesia across areas, assisting businesses from both countries to engage and collaborate.' As part of its initiative to facilitate members in their engagement with emerging economies, CII had opened its latest overseas office in Jakarta, Indonesia, on September 5, 2019. Inaugurated by S Jaishankar, Minister of External Affairs, the office became functional in January 2020.
 
Gupta further highlighted the potential for expanding trade in the areas of automotive components, agricultural commodities, engineering products, pharmaceuticals and biotechnology sectors, agriculture machinery, textile machinery etc. in the Sei Mangkei SEZ.

 Source:  theprint.in