Indian, Indonesian business leaders sign four accords

June 19th, 2008 - 9:53 pm ICT by IANS  

New Delhi, June 19 (IANS) A business delegation from Indonesia Thursday signed four agreements with Indian companies for footwear, automotive and snack products. Kega-Signing and Alinz Buying House Co reached an agreement for supply of footwears. Another memorandum of understanding (MoU) was inked between Pesona Bori Sonket and Neelam Threads for sole distributorship of automotive and auto care products in India.

Franchise India Holdings Ltd inked an agreement with Safeline Indonesia for expansion in India through franchise route and Safeline Indonesia signed another one with Alinz Buying House.

These were mutual agreements, where companies from both countries would do business in India and Indonesia, said an official.

Speaking at an interactive meeting with Indian business leaders, M.M. Azhar Lubis, deputy chairman of Investment Coordination Board (ICB), which represents Indonesian business team, said Indian investors would get equal treatment and legal guarantee from the Indonesian government.

Later talking to IANS, Lubis said India’s investment in his country was low but the number of investors was huge. “There is no minimum capital required for investing in Indonesia,” he added.

“We do not tolerate corruption. We want to have an efficient economy. I assure you that investors in Indonesia will be provided with all help from us,” he said.

Indian companies invested $112 million in various projects in Indonesia in 2007. “This was $37 million in 2002, $5.4 million in 2003, $30.8 million in 2005 and $113 million in 2006,” he said.

While India exports dyes, oil meals, inorganic, organic and agro chemicals besides machineries and instruments to Indonesia, it imports vegetable oils, coal-coke, pulp, waste paper, metal scrap and electronic goods from that country.

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