Finance Minister Bambang Brodjonegoro also praised India's management of its current account deficit and rupee volatility, issues which other countries, including Indonesia, ad found to be a huge challenge.
He was speaking at a special event here Monday organized by the Indian embassy through the India Business Forum to mark the first anniversary of the 'Make in India' campaign.
"The day is special to mark 'Make in India' because in the morning, (an Indian) PSLV C-30 (rocket) had launched an Indonesian-made satellite as part of its payload.
This emphasizes the quality and conception of Make in India and South-South cooperation between India and Indonesia," Indian Ambassador Gurjit Singh said on the occasion.
A special CD in Bahasa Indonesia highlighting the opportunities under Make in India was released on the occasion.
The Deputy Minister of National Development Planning Board (Bappenas), Leonard Tampubolon, and the Director General in the Ministry of Industry, Achmad S. Dwiwahyono, also participated in the event.
In his opening remarks, Gurjit Singh said that Make in India, Digital India, Skill Development and Renewable Energy are the key sectors in which India and Indonesia can work together for mutual benefit. Both the countries can also cooperate in the development of Smart Cities.
The finance minister, in his keynote address, recognized India as a major economic partner of Indonesia, which needs to learn from India on managing currency fluctuation, controlling the current account deficit and maintaining the GDP growth trajectory.
He emphasised that Indian companies can invest in Indonesia, especially in the steel and metal business and help the country by utilizing its natural resources.
Indonesia should cooperate with India on renewable energy and infrastructure in the PPP model. On tourism, the minister said that Indians will be allowed visa-free entry to Indonesia very soon.
"The members of the India Business Forum (IBF) had detailed discussions with the Deputy Minister of Bappenas and the DG of Ministry of Industry seeking clarifications on rules and regulations on specific issues.
The officials gave a presentation on investment opportunities, tax benefits, measures to facilitate investments and responded in detail to the queries raised and advised the IBF members to approach them for any issues in future," an Indian embassy statement said.
The IBF is an initiative of the Indian embassy to bring together Indian CEOs, entrepreneurs and professionals in Indonesia.
It serves as a platform for a cross section of companies and individuals working in Indonesia to discuss ways and means of achieving enhanced economic engagement with Indonesia.
One of the main objectives of the Forum is to engage with the Indonesian leaders on interactive sessions and bring forth suggestions and concerns.
"The embassy regularly organises interactive sessions of the IBF with key ministers to seek their guidance and support," the statement said.