A 50-member strong business delegation from CHEMEXCIL led by its Chairman Mr. Satish Wagh visited Jakarta on 21 January to look for business opportunities and joint ventures with Indonesian chemical industry.
CHEMEXCIL is a premier chemical industry association in India established to promote exports of dyes and dyes intermediates, organic and inorganic chemicals, agro chemicals, soaps and toiletries, etc. It is a single point source of contact to help overseas buyers in sourcing from India.
During the visit of the CHEMEXCIL delegation, a Buyer Seller Meet (BSM) was organized by the Embassy of India, Jakarta, in association with Federation of Indonesia Chemical Industry and KADIN Jakarta. The event was attended by more than 100 Indonesian companies and many business deals were finalized.
Inaugurating the BSM, Ambassador Gurjit Singh said that India is looking at investing in Indonesia and stressed the 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 called upon more B2B engagement and urged both sides to look for new business opportunities and technological transfer.
He further said that although the overall bilateral trade as well in the chemical sector has increased over the years, the 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 USD 377 million in 2009-10 to USD 873 million in 2011-12.
In his opening remarks, Chairman of CHEMEXCIL, Mr. Satish Wagh said that Indonesia is India's second largest trading partner in ASEAN, with chemical industry being the fastest growing. He emphasized that the purpose of the BSM is to strengthen and expand existing business and create a positive brand image of Indian business and bridging the information gap.
Speaking on the occasion, FIKI Managing Director Mr. Ida Bagus Agra Kusuma and KADIN Jakarta Deputy Chairman Mr. Irwan Hutasoit, welcomed the initiative taken by CHEMEXCIL in choosing Indonesia for the BSM. They looked forward to have India as one of the major trade and investment partners of Indonesia. They agreed that investing in Indonesia is the right way forward to expand our engagement and hoped that the B2B meet will fully tap the potential that exists in this sector.
They looked forward to the early initiation of CECA negotiations which will act as a framework for further enhancement of our trade and investment. They thanked India and CHEMEXCIL for having kept to its schedule to visit Jakarta despite recent flood havoc and they saw it as a source of great confidence and support. [embassy of India, Jakarta]