Indonesia - India Minister of Finances Confer; Strengthening Bilateral Partnership

TEMPO.CO, Jakarta - Indonesia's Minister of Finance Sri Mulyani Indrawati, and India's Minister of Finance Nirmala Sitharaman agreed to strengthen the bilateral partnership between Indonesia and India by forming an Economic and Financial Dialogue in Gandhinagar, Gujarat, India. The information was relayed in a press conference after the bilateral meeting between the series of Finance Ministers and Central Bank Governors meeting at the 3rd G20 under India's Presidency.

Minister Sri Mulyani revealed that Indonesia and India have various similarities and a long history between them. The spices, clothes, and jewelry trade between India and Indonesia could be traced back to before the 13th century. She mentioned that historic economical relations are one of the foundations to strengthen the bilateral relations between the countries.

According to Sri Mulyani, Indonesia and India have continuously discussed the effort to open a strong dialogue at a policy level, starting with the highest level of regulation to the technical level. "We mutually share matters necessary for each country's domestic development, maintaining the high economic growth, creating job opportunities, reducing poverty, and how to cooperate not only on a bilateral level but multilaterally," said Sri Mulyani in her statement on Monday, July 17, 2023.

Currently, Indonesia and India have similar economical structures which are supported by significant development in the manufacturing and technological innovation sectors. Both countries are also said to be resilient in the face of regional and global challenges.

During the bilateral meeting, the ministers discuss the effort to boost the cooperation regarding trade and investment between Indonesia and India. Development issues, climate change, and public health were also discussed in the meeting. "We will continue to strengthen this relation, especially between the Ministry of Finances of Indonesia and India, at the policy level discussing trade, investment, and human resources," said Sri Mulyani.

Minister Sri Mulyani also expressed her appreciation for India's support towards Indonesia, including its membership in Financial Action Task Force, Indonesia's Presidency at the 2022 G20, and its chairmanship at the 2023 ASEAN.

Meanwhile, India's Minister of Finance said that Indonesia is India's biggest ASEAN trading partner. The trade between Indonesia and India saw an eightfold increase since 2005, reaching US$38 million in 2022. Nirmala added that Indonesia's presidency at the 2020 G20 was a learning experience for India. The dialogue between Indonesia and India is a pivotal instrument to strengthen cooperation and foster a mutual understanding concerning economic issues. It is intended to give long-term benefits to both countries' development.

AMY HEPPY

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