Experts have expressed their desire to see improved cooperation between India and Indonesia, two countries with around 100 years of cultural and historical connections but an apparent shortage in bilateral economic initiatives.
According to the Times of Assam, bilateral trade has reached $20 billion within the last 10 years but analysts believe there is still a lot of room for improvement in terms of trade and economic ties.
Many economists predict that India and Indonesia can create a partnership that will make a mark in the Asian region. The only way forward, though, is to come up with trade initiatives that will benefit both sides equally.
As part of the efforts in responding to the call for further bilateral exchange between Indonesian and Indian markets, India's Prime Minister Narendra Modi made a state visit to Indonesia and signed deals for enhanced trade.
Modi and Indonesian President Joko "Jokowi" Widodo agreed to establish a target of reaching $50 billion in bilateral trade within the next five years. The sectors included under the initiative are automobile segments, pharmaceuticals, health care, information technology, and other industries that are deemed to be profitable for investors and business owners.
Compared to other countries, Indian investments in Indonesia are only estimated at $285 million. The Indian government has been urged by analysts to continue building on the numbers.
Economists believe that through more transparent regulations, policy reforms, and trade promotion events, India and Indonesia can build on a strong economic cooperation.
Last week, Consul-General of the Republic of Indonesia in Mumbai, Ade Sukendar, noted that the two countries share a lot in common. He pointed out that these commonalities can be used to further enhance trade, The Hans India reported.
Sukendar also encouraged Indian business owners and startups to take part in the Trade Expo Indonesia (TEI) 2019 which is scheduled for October 16-20, 2019. The event seeks to enhance business ties with other Asian countries. Analysts believe that the event could pave the way for more business with Southeast Asia's biggest market.
Meanwhile, multiple outlets confirmed that Modi has won this year's election by a landslide victory. BBC News reported that the Prime Minister thanked his supporters and his countrymen who voted for his party that is expected to win 300 seats in Parliament.
Analysts predicted that Modi's win could further increase the probability of enhancing ties with Indonesia due to the shared views and sentiments by the two leaders. Jokowi has also won this year's Indonesian general elections although some opposition members have hinted on challenging the results.
