Coordinating Minister Airlangga: Indonesia's Trade Surplus Provides Stimulus For The Community And The Business World

Coordinating Minister for Economic Affairs Airlangga Hartarto. (Photo: Doc. ANTARA)

Coordinating Minister for the Economy Airlangga Hartarto assessed that the trade balance surplus for 44 consecutive months achieved by Indonesia could provide stimulus for the business world.

The trade balance surplus in 2023 is 36.93 billion US dollars and for the first time we have also reached an annual surplus with China. This surplus achievement creates fiscal capacity space and provides stimulus for the community and the business world," said Airlangga as quoted by ANTARA, Thursday, January 18.

He also said the government would continue to mitigate the various impacts of global challenges that were still rolling.

In the short term, the government will continue to maintain macroeconomic purchasing power, investment, and stability.

Indonesia's trade balance with China recorded a surplus of 2.06 billion US dollars, then with India a surplus of 14.5 billion US dollars, with the European Union a surplus of 0.89 billion US dollars.

"The 2023 foreign exchange reserves have increased rapidly to 146.4 billion US dollars, one of which is supported by the achievement of foreign exchange regulations for the export of natural resources as mandated by PP Number 36 of 2023," explained Coordinating Minister Airlangga.

Economic growth, according to Airlangga, will continue to be maintained to maintain quality, inclusive, and sustainable in order to ensure medium-long-term economic resilience through several priority policies that have been and will continue to be encouraged.

First, the increase in the sustainable economy through energy transitions and improvements in carbon storage supported by environmentally friendly sustainable financing strategies.

Second, increasing the added value of the economy through downstreaming. Third, increasing productivity through digital innovation and preparing human resources.

Fourth, continue structural reforms and economic transformation through strengthening infrastructure, institutions, and ease of business licensing, as well as downstreaming industries, for strategic products such as semiconductors.

And fifth, increasing the role of intermediation in the financial sector, especially to encourage micro and medium enterprises (MSMEs).

"We must also continue to strive for Indonesia in international forums that will implement high standards such as Indonesia's entry into OECD. Where OECD will open market access and ensure that investments made are based on the safety of its investors," he said.

Airlangga added, Indonesia as the largest democracy in the world will ensure that the implementation of general elections runs safely, honestly, and fairly.

With the new government, the government will remain committed to continuing structural reforms to provide a healthy climate for job creation.

"The spirit and optimism that we already have today certainly needs to be supported by all parties, including stakeholders and wealth customers from Standard Chartered Bank who are expected to become economic players and become the key to achieving Indonesia's goals to become a developed and prosperous country in 2045," explained Coordinating Minister Airlangga.