Vice President Ma'ruf Amin: Indonesia Successfully Faces The COVID-19 Pandemic Because It Takes Unusual Steps

Vice President Ma'ruf Amin (Photo: VIA BETWEEN)

JAKARTA - Vice President Ma'ruf Amin said Indonesia had succeeded in dealing with the COVID-19 pandemic because it took unusual steps. "Our success in dealing with the pandemic and its follow-up impacts, among others, is determined by the courage to take unusual steps in unusual situations," said Vice President Ma'ruf Amin in Jakarta, quoted from Antara, Wednesday, May 3. Vice President Ma'ruf conveyed this at the inauguration of the opening of the "Asia Pacific Tax Forum 14" with the theme "Building an Indonesian Sharia Economy Amid Global Economic Dynamics". "One of them is that the government continues to reform policies and laws in the economic sector, including the Job Creation Law, the Financial Relations Law between the Central Government and the Regional Government, the Law on Harmonization of Tax Regulations and the Law on the Development and Strengthening of the Financial Sector," added the Vice President. The vice president also said that the moment of Ramadan and Eid al-Fitr this year can be carried out in better economic conditions. "Although the global economy is slowing down, Indonesia is estimated to be one of the countries that is still able to grow strongly in 2023. The IMF projects Indonesia to grow in the range of 5 percent year-on-year this year," said Wapraes. Meanwhile, ADB's projection for the growth of the Asia Pacific region increased from last year's projection of 4.2 percent in 2023 and 4.8 percent in 2024. The contribution of the Asian region is even estimated to reach 70 percent of global economic growth by 2023. Tourism and remittance transactions in various countries include two examples of increased activity in line with the easing of restrictions due to the pandemic. "Indonesia assesses that this momentum must be responded to agilely and wisely, especially to encourage trade activities, investment, productivity, and build economic resilience, both nationally and regionally," added the Vice President. Indonesia, according to the Vice President, also continues to be committed to increasing its strategic role in various regional, multilateral and international forums, especially when the global economy is under pressure due to the pandemic and various disruptions. "After the success of the G20 Presidency, this year Indonesia holds the chairmanship of ASEAN in the hope of being able to become a motor of economic growth in the region. Hopefully, this will increase the ease of investing and create the widest possible employment opportunities, as well as support efforts to recover the Indonesian economy," explained the Vice President. In addition, the government continues to strengthen the downstreaming of the industrial sector to build a globally resilient and competitive industry. Industrial development continues to be accelerated, including the development of the National Capital of the Archipelago. Specifically, as a country with a majority Muslim population and a wealth of various resources, Indonesia has a great opportunity to become a leading country in the development of Islamic economics and finance at the global level. "The contribution of Islamic economics and finance to domestic development is quite significant," said the Vice President. The priority sector of "Halal Value Chain" (HVC) is estimated to grow 4.5–5.3 percent this year in line with the continued national economic recovery. Overall, the HVC priority sector which includes agriculture, halal food, Muslim fashion and Muslim-friendly tourism is recorded to be able to support more than 25 percent of the national economy. Meanwhile, the contribution of State Sharia Securities (SBSN) to development financing was also recorded quite significantly. Since it was first issued in 2013, SBSN has supported productive financing for 3,593 projects with a total financing value of IDR 173.8 trillion.

"With the huge potential that can be explored and the contributions that have been donated, it is fitting for the economy and Islamic finance in Indonesia to continue to be developed," said the Vice President.