Embassy of India

Jakarta

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Press Release

India-Indonesia Investment Synergy Forum: Bridging the Future

09.12.2024

The Embassy of India in Jakarta, with Indian Chamber of Commerce in Indonesia (IndCham) hosted the “India-Indonesia Investment Synergy Forum: Bridging the Future” on 6 December 2024.

2. The forum aims to find synergies and collaboration opportunities for driving sustainable growth in priority areas of our large emerging economies, bringing the best of Make in India and Bangga Buatan Indonesia, together. It is also a realization of a long-standing vision and a commitment from both countries to build a meaningful and inclusive future together. The success of this first investment collaboration forum stands as a testimony to the fact that there are several opportunities for synergy in our business engagement that can be catalytic towards meeting our economic and development goals: Indonesia Emas 2045 and Viksit Bharat 2047. India and Indonesia have the ability to set an example in the Asia-Pacific region with mutually beneficial investment solutions that fulfil out key priorities towards faster industrialization, sustainable growth, energy transformation, trade, education & skills, digitalization, food security, inclusive financing as two large, young and growing, emerging market democracies.

3. As India and Indonesia commemorate 75 years of diplomatic relationship, the forum celebrated this special relationship between the two comprehensive strategic partners by identifying new dimensions for the economic bilateral relationship as well as broader relationship in the ASEAN. To take this vision forward, the forum focused on two thematic pillars, namely “Building Bridges Between ‘Make in India’ and ‘Made in Indonesia’” and “Financing the Future.”

4. The synergy forum brought together over 200 distinguished policymakers, top industry leaders, CEOs, trade bodies, investors, think tanks and the media from India and Indonesia, underscoring the importance of the themes discussed and forging a way forward.

5. H.E. Mr. Sandeep Chakravorty, Ambassador of India to Indonesia, highlighted that the forum theme, building bridges of partnership between Make in India and Bangga Buatan Indonesia, was inspired by real-life cooperation in investments presently 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, thus reflecting our shared interests and goals. He highlighted the very recent investment of pharmaceutical companies, e.g. MSN Labs, Aurobindo, Apollo, and Artemis Hospitals, and how they are the new addition to this landscape in collaboration for enhancing healthcare services in Indonesia. He also mentioned about the upcoming visit of H.E. President Prabowo to India. He briefly highlighted the success of Make in India and PLI initiatives and hoped that they could be important lessons for Indonesia’s downstreaming goals. He expressed hope in on-going initiatives for improvement of trade as the second largest partner in ASEAN, especially for AITIGA review that will also help Indian industries grow in Indonesia.

6. The forums began with a plenary session, consisted of keynote address and opening remarks. In their keynote address, H.E. Mr. Airlangga Hartarto, the Coordinating Minister for Economic Affairs of Republic of Indonesia, emphasized Indonesia’s strong economic fundamentals and the importance of partnerships with India. He highlighted efforts to connect Bangga Buatan Indonesia and Make in India through collaboration in sectors such as digital economy, MSMEs, health, and manufacturing, aiming to achieve economic growth targets of up to 8% by 2029 while leveraging industrial downstreaming and infrastructure optimization. Similarly, H.E. Mr. Tirta Nugraha Mursitama, Deputy for Investment Cooperation, Ministry of Investment and Downstream Industry of Republic of Indonesia, the impressive 65% annual growth of Indian investments in Indonesia over the past five years, underscoring opportunities in downstream industrial development and renewable energy as key drivers for achieving Indonesia's 8% economic growth target by 2029.

7. Following the plenary session, Panel Discussion I brought together five key speakers to explore opportunities for economic growth and sustainability between India and Indonesia and it was moderated by Mr. M. Taufiqurrahman, the Chief Editor of The Jakarta Post.  Mr. Bambang Susantono, Former Vice President of the Asian Development Bank, emphasized the potential for Indonesia and India to collaborate on green and smart initiatives, leveraging mutual strengths to address shared challenges like climate change, urbanization, and sustainable growth. He highlighted opportunities in areas such as renewable energy, smart city development, and digital transformation to foster sustainable development in both nations. Ms. Shinta W. Kamdani, Chairwoman of APINDO, highlighted the importance of Indonesia-India collaboration in creating alternative industrial hubs, strengthening global value chains, and advancing workforce skills transformation, particularly in digital and STEM fields, to drive sustainable economic growth. Mr. Raja Singh Khurana, Vice President of Invest India, showcased India's growth trajectory as the fastest-growing large economy, highlighting opportunities for investment in infrastructure, digital innovation, and sustainability under its ambitious development agenda, "Amrit Kaal Vision 2047." The next speaker was Mr. Vikram Sinha, CEO of Indosat Ooredoo Hutchison, highlighted the potential for India and Indonesia to collaborate on AI adoption, leveraging India's leadership in AI research and Indonesia's growing digital economy to drive innovation in sectors like agriculture, healthcare, and smart cities, contributing to shared economic growth and prosperity. The final speaker of this panel, Mr. Hemant Kabra—Founder and Managing Director and Board member at Bgauss, and Director at RR Global—shared insights the potential for collaborations between Indonesia and India to advance sustainable mobility and strengthen the EV ecosystem.

8. Before the second panel commenced, the forum featured two insightful presentations. First, Mr. Sundip Nag, Founder of Nag Analytix, discussed India's robust growth prospects over the next decade, driven by advancements in chemicals, pharmaceuticals, and technology. He highlighted India's strategic position as a global supplier in these sectors, benefiting from supply chain shifts and increased investments in AI and manufacturing. Second, Mr. Neeraj Tyagi (Co-Founder) and Mr. Gaurav Singhvi (Managing Director & CEO) of Avinya VC Fund, presented the global investment opportunities facilitated by We Founder Circle, focusing on cross-border startup investments in sectors like AI, deep tech, and consumer brands. They highlighted the platform's ability to connect investors globally with curated opportunities, supported by a robust tech platform for seamless transactions and portfolio management.

9. Panel Discussion II featured 6 key speakers and the session was moderated by Mr. Nitin Jaiswal, Head of Asia-Pacific External Relations of Bloomberg. The first speaker, Mr. Oki Ramadhana, Commissioner of IDX, engaged in a discussion about opportunities for capital market cooperation between Indonesia and India. He shared insights on fostering collaboration through the exchange of best practices to enhance market efficiency and investor confidence. Mr. Sandip Shah, Head of IFSC Department of GIFT City, presented GIFT City as India’s first operational smart city and International Financial Services Centre (IFSC), showcasing its state-of-the-art infrastructure, competitive tax regime, and opportunities for global investors in sectors like banking, capital markets, and fintech. He emphasized its potential to become a global financial hub, creating thousands of jobs and driving economic growth by FY2030. Mr. Puneet Punj, Managing Director and Country Head Global Financial Markets of DBS Bank, explored avenues for India-Indonesia collaboration, emphasizing opportunities in sectors like agriculture, pharmaceuticals, and digital economy. He highlighted the potential for joint ventures, cross-border financing, and sustainability initiatives to drive mutual economic growth and development. Mr. Kumar Ankit, Senior Vice President International of Paytm, discussed the pivotal role of startups in advancing digital payments and financial inclusion. He highlighted innovative approaches to banking the unbanked, emphasizing how digital platforms can transform access to financial services in underserved communities. Mr. Raunak Kapoor, Associate Partner in MicroSave Consulting’s Country Program Development Domain in Indonesia, presented potential for India and Indonesia to collaborate on financial inclusion and digital innovation. He emphasized leveraging shared socio-economic contexts and scalable solutions, such as digital public infrastructure and cash transfer systems, to drive economic and social inclusion in both nations. The last speaker of the panel was Mr. Aris Sutantio, Business Development Director of Bank SBI Indonesia, highlighted the evolving banking landscape for Indian banks in Indonesia and highlighted opportunities for collaboration between Indian and Indonesian corporations across sectors like palm oil, mining, and textiles. He shared a success story of financing a Crude Palm Oil (CPO) refinery project, showcasing innovative approaches to overcoming regulatory and risk challenges.

10. The forum was concluded with a networking session over a dinner, providing an opportunity to forge connections and discuss potential business collaborations. Serving as a capstone to the anniversary year’s celebratory events and initiatives, the forum highlighted the untapped potential of India-Indonesia economic ties and laid the groundwork for actionable partnerships aimed at elevating this relationship to new heights in the coming years, while setting the tone for key business discussions to take place at the 3^rd India Indonesia CEO Forum during the upcoming State Visit of the President of Indonesia to India as the Chief Guest of India’s Republic Day in January 2025.

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