‘Make in India’ complements Bangga Buatan Indonesia

The ‘Make in India’ and ‘Bangga Buatan Indonesia’ (Make in Indonesia) initiatives are complementing each other, as both countries work towards their shared goal of becoming developed nations by the centennials of their independence, Indonesian officials said.Indonesian President Prabowo Subianto’s upcoming visit to India for the Republic Day celebrations is expected to give a boost to industrial and financial partnerships between the two countries, including cooperation in capital markets, they said.

India and Indonesia have the ability to set an example in the Asia-Pacific region with mutually beneficial investment solutions that fulfils key priorities such as faster industrialisation, sustainable growth, energy transformation, trade, education and skills, digitalisation, food security and inclusive financing, as two large, young and growing emerging market democracies, officials said.

Bridges of partnership between Make in India and Bangga Buatan Indonesia, was inspired by real-life cooperation in investments existing between the two countries, with over 100 Indian companies in Indonesia and 17 Indonesian companies in India already contributing to each other’s economic growth.

Indian pharmaceutical and healthcare companies MSN Labs, Aurobindo, Apollo and Artemis Hospitals made recent investments in Indonesia, adding to this landscape in collaboration for enhancing healthcare services here.

The ongoing initiatives for improvement of bilateral trade as India’s second-largest partner in Asean, especially review of the Asean-India Trade in Goods Agreement (Aitiga), will help Indian industries grow further in Indonesia, officials said.They said efforts are on to connect Bangga Buatan Indonesia and Make in India through collaborations in sectors such as digital economy, health, manufacturing and micro, small and medium enterprises (MSMEs), health, and manufacturing.Collaboration on AI adoption, by leveraging India’s leadership in AI research and Indonesia’s growing digital economy could drive innovation in sectors like agriculture, healthcare and smart cities, contributing to shared economic growth and prosperity, Vikram Sinha, CEO of Indonesian telecom service provider Indosat Ooredoo Hutchison, told ET.

An impressive 65% annual growth of Indian investments in Indonesia over the past five years underscores opportunities in downstream industrial development and renewable energy as key drivers for achieving Indonesia’s 8% economic growth target by 2029, officials said.

India and Indonesia have both set sights on becoming advanced, prosperous nations by the centennials of their independence, with Viksit Bharat 2047 and Indonesia Emas (Golden Indonesia) 2045 visions.

There is tremendous scope of Indonesia-India collaboration in creating alternative industrial hubs, strengthening global value chains and advancing workforce skills transformation, particularly in digital and STEM (science, technology, engineering and mathematics) fields, to drive sustainable economic growth, officials said.

There is an evolving banking landscape for Indian banks in Indonesia and opportunities exist for collaboration between Indian and Indonesian corporations across sectors like palm oil, mining and textiles.