Indian investment in Indonesia’s SEZ-Sei Mangkei worth USD 198 mn

Chandigarh / New Delhi, Nov 8 (FN Bureau) Indian investors have pumped in USD 198 million in the Sei Mangkei Special Economic zone in Indonesia, a diplomat from the Southeast Asian nation said here on Wednesday. Indonesia’s Ambassador to India Ina Hagniningtyas Krisnamurthi also highlighted the robust trade relation between the two nations underpinned by the investments made by more than 40 Indian companies in various sectors such as rubber, Plastics, chemicals, textiles, and FMCG in her country. Addressing a session on “Opportunities to Invest in Sei Mangkei” at the CII Northern Region Headquarters here, Krisnamurthi said Krisnamurthi said her country was laying special focus on the particular SEZ i fostering trade.

MoUs were signed with three Indian companies Sheel Chand Agroils Pvt Ltd (USD 90 Million), Alliance World (USD 55 Million), and SGF Industries (USD 53 Million) during the session, she said. The bilateral trade between the two nations has reached an impressive USD 38.84 Billion, positioning Indonesia as India’s largest trading partner in Southeast Asia in 2022-23. Krisnamurthi expressed her country’s commitment to fostering stronger bilateral ties in trade and investment through the motto ‘Toward Golden Indonesia 2045 – realising 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 from India. 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.”

Edward Samantha, Director, PT Kawasan Industri Nusantara (KINRA) in North Sumatra, Indonesia, emphasised his country’s commitment to enhancing Foreign Direct Investment (FDI)by establishing the Sei Mangkei 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, said the business chamber has been engaging with Indonesia across areas, assisting businesses from both countries to engage and collaborate. Towards that end, CII opened its latest overseas office in Jakarta, Indonesia, in 2019. It 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.