Jakarta, Aug 24 (IANS): Indian automotive graphics manufacturer Classic Stripes Private Limited (CSPL) has set up a factory in Indonsia which it hopes will becomes its hub for export to ASEAN.

The plant, in Cikarang in Bekasi regency, was unveiled Saturday by Indian ambassador Gurjit Singh.

While unveiling the facility, Singh said Indian companies are investing in Indonesia with the latest technology, creating employment and are trying to build a partnership.

With an investment of US$ 5 million, the unit has the production capacity of upto 2 million units per year

He said that investment by CSPL indicates rising confidence of Indian companies in Indonesia. Singh also said there has been slow but steady investment from India to Indonesia.

Budi Darmadi, director general, Ministry of Industry of Indonesia and Kishore Musale, chairman and managing director, CSPL were also present during the inauguration.

Muslae felt there is good opportunity for his company in Indonesia and was confident of the market success. He said in due course the Indonesian unit will become the hub for its exports to other ASEAN countries.

CSPL, part of the ASTARC Group of Companies, has a production capacity of over 15 million automotive graphic sets per annum. It is also present in the UK, US and the Middle East.