The Minister Of Trade Encourages Developing Countries To Accelerate Industrialization At The G20 Forum

JAKARTA The Minister of Trade of the Republic of Indonesia, Budi Santoso, has encouraged developing countries to accelerate sustainable industrialization by focusing on capacity building, increasing industrial added value, and transitioning to a green economy.

This was conveyed by Budi while attending the second session of the G20 Trade and Investment Ministerial Meeting (TIMM) which was held in Gqeberha, South Africa, on Friday, October 10.

In the forum, Budi emphasized the importance of accelerating industrialization through three main priorities:

Building and utilizing productive capacity to drive the transformation towards high value and knowledge-based industries.

Upgrades in the global value chain, by expanding manufacturing bases in strategic sectors such as semiconductors, electric vehicle batteries, and pharmaceuticals.

Developing a green industry, as part of the transition to an inclusive and just low-carbon economy.

Developing countries must focus on developing future industries that are not only competitive but also sustainable. Directed industrialization will become the foundation of long-term economic transformation," Budi said in a written statement in Jakarta, Saturday, October 11.

Budi also emphasized the importance of strengthening a just, inclusive, and sustainable multilateral trading system. He stated that in the midst of geopolitical rivalry and increasing global trade tensions, international collaboration is becoming increasingly important.

In addition, he encourages developing countries to strengthen domestic foundations, so that industrial strategies and economic policies can answer global challenges that continue to change rapidly.

"The true economic power must be built from within the country, through healthy policies, strong regional connectivity, and cross-border productive collaboration," he said.

In the regional context, Budi said that regional trade integration is a strategic instrument to strengthen supply chains, as well as expand international market access. He gave an example of ASEAN as an anchor of stability that has served as the main production base in various industrial sectors.

The right vigilance and policy will be the key to national and global economic resilience. In the midst of world economic turbulence, hope is not a strategy "preparation is the answer," he concluded.