Coordinating Minister Airlangga: Indonesia Is Committed To Structural Reform-Improving Economic Competitiveness At The Asia Business Council Forum

Coordinating Minister For The Economy Airlangga Hartarto/STIMEWA'S PHOTO

Coordinating Minister for Economic Affairs Airlangga Hartarto emphasized Indonesia's commitment to accelerating economic development by ensuring the continuity of structural reforms and increasing competitiveness.

The statement was made in his keynote speech at the Asia Business Council's 2024 Spring Forum entitled "Developing Asia: New Engines for Growth"

In his speech, Coordinating Minister Airlangga said that although global economic conditions were still unstable, Indonesia had been able to show solid economic growth, with a growth of 5 percent over the last 8 quarters in a row.

He is optimistic that the Indonesian economy will continue to grow above 5 percent in 2024 and beyond, with controlled inflation and strong investor confidence in Indonesia's economic resilience.

investor confidence is also reflected in the decisions of various international rating institutions that continue to defend Indonesia at the Investment Grade level.

Coordinating Minister Airlangga also highlighted the resilience of Indonesia's external sector which was maintained, shown by high foreign exchange reserves and record trade balance surplus in the last 46 months.

Coordinating Minister Airlangga also emphasized that Indonesia will continue to move forward to achieve the 2045 Golden Vision, which requires a transformative approach to economic development, including increasing science and technology, innovation, and economic productivity, as well as implementing green economy policies and digital transformation.

In addition, Indonesia is in the process of joining OECD and potentially becoming the third member of the OECD Asia after Japan and South Korea.

The OECD accession process is expected to be a catalyst for improving superior policies and regulations, as well as increasing technology-driven investment, productivity and connectivity.

Coordinating Minister Airlangga also emphasized that the government is trying to formulate better policies to encourage strong, inclusive, and environmentally friendly economic growth.

The government's main focus is to increase the role of the manufacturing sector, increase competitiveness and productivity through the 2030 Digital Economy Development Strategy, and develop a green economy and renewable energy towards the Net Zero Emission target.

The Asia Business Council Forum is considered the right platform to convince big businessmen from Asia about Indonesia's commitment to accelerating economic development. Coordinating Minister Airlangga emphasized that the Indonesian government is open to supporting any investment initiatives in Indonesia, including support for trade and human resource development.

The event was also attended by the Chairman of the Asia Business Council Takeshi Niinami, Vice Chairman of the Asia Business Council Arif P. Rachmat, and the United States Ambassador to Indonesia Sung Y. Kim.