Jakarta, April 20 (Antara) - Indonesia is now putting in place
industrial development programs across the country in an effort to
create a new economic growth momentum and emerge as a new Asian economic
tiger.
"I am very much convinced that the current 21st century will be the
best century for Indonesia, as the country is destined to emerge as an
Asian giant," former Indonesian ambassador to the United States Dino
Patt Djalal, who is now taking part in the ruling Democratic Party
presidential candidate convection, said in Mataram, West Nusa Tenggara,
on Wednesday last week.
As part of the development, the Ministry of Industry is encouraging the
acceleration and equitable distribution of locating industries
throughout the country.
"We hope we can continue to develop industries throughout the country
to increase their added values, particularly industries outside Java,"
Industry Deputy Minister Alex SW Retraubun said in press statement made
available to Antara here on Wednesday.
The Ministry of Industry has set itself the target of increasing the
added values of the industrial sector from 28 percent in 2013 to 45
percent in 2035, since the national industrial development has gained
significant growth following the global economic crisis, which also
struck Indonesia in 2008-2009.
"In 2013, the non-oil processing industrial sector grew by 6.10
percent, which was higher than the economic growth at 5.78 percent," the
industry deputy minister said.
Non-oil commodity processing industries have become the largest sector
contributing to the nation's economy, at 20.76 percent. In the meantime,
the non-oil processing industries have also begun shifting from the
Java Island to islands outside Java, with 24.63 percent outside Java in
2008 to 28.05 percent in 2013.
Further, the non-oil industrial sector outside Java has contributed
6.31 percent to the nation's growth, which is higher than in Java, whose
growth was only 6.20 percent.
Alex SW Retraubun said that the roles of provincial and
district/municipality governments were crucial in the development of
industry in the region. This is contained in Articles 10 and 11 of Law
No. 3/2014 on Industrial Development.
Currently, the Ministry of Industry is drafting a government regulation
(RPP) on the Master Plan for National Industry Development (PIPIN) and
on regulations on industrial zones.
The regulation will choose zones of industries that will evolve into
industrial growth centers, designated zones for industries, and zones
for small and middle scale industrial centers.
With the industrial zones, industries, particularly manufacturing industries, could be developed maximally.
According to Standard Chartered Bank economist Eric Sugandi, Indonesia
should carry out industrial structural reforms in the manufacturing
sector.
"Structural reforms could be carried out through development of the
manufacturing industry. Indonesia's exports have weakened because prices
of commodities have not improved," Eric said.
He added that the current account transaction deficit would become
Indonesia's main problem in the coming three to five years unless
industrial structural reforms proceeded faster than predicted.
However,
he said, Indonesia will achieve a new equilibrium and growth at a range
of 5.5 percent to 6.0 percent per annum, after it focused last year on
overcoming its current account deficit transactions.
"Indonesia can boost its economic growth to six percent, but it will
face current account deficit risks, which is why the government
deliberately slowed its economic growth," Eric Sugandi said.
The Standard Chartered Bank economist said fiscal and monetary policies
were good for overcoming the short-term current account deficit, but
the government needs to carry out effective structural reforms in
maintaining the performance of the economic fundamentals.
Finance Minister Chatib Basri concurred with Eric, saying that such
monetary and fiscal policies were taken as a short-term solution. For a
long-term solution to improving national economic performance, Indonesia
should carry out structural reforms.
"This is only a short-term policy. It is impossible to continuously
tighten the monetary and the fiscal sectors. It should be balanced with
structural reforms carried out within the context of the political
system," he said.
Also,
he noted, the G20 Forum has appreciated Indonesia's monetary and fiscal
policies that the government had adopted to overcome its current
account transaction deficit.
"The
forum viewed that Indonesia had taken correct fiscal policies in
reducing fuel subsidies. Bank Indonesia (BI) is also praised for raising
its key interest rate, which has strengthened the local rupiah
currency," the finance minister said.
Chatib Basri and BI Governor Agus Martowardojo had attended a central
bank and finance ministerial meeting of the G20 Forum in Washington, the
United States, on April 10-13, 2014.
The finance minister said that the monetary and fiscal policies had
been taken to maintain the country's economic fundamentals and have
raised the trust of investors on Indonesia's economic prospects.
The government, since in the middle of 2013, has issued a package of
economic policies on fiscal and monetary tightening to offset the
current account deficit and strengthen the value of the rupiah value
against the Greenback.
The economic policy package is mainly aimed at encouraging exports and
reducing imports but, as a result, Indonesia's economic growth would
exceed the 5.8 percent to 6.0 percent level.
This is why, Eric explained, the Indonesian economy will reach a new
equilibrium point with a growth at a range of 5.5 percent to 6.0
percent.
Therefore, the structural industrial reforms are expected to move
Indonesia towards a better future and become a player in the global
economy. With the richness of its human and natural resources, Indonesia
could cultivate global capital to emerge as an Asian giant.
Former Indonesian ambassador to the United States, Dino Patti Djalal,
said Indonesia had three main assets that could help it become an Asian
giant.
Indonesia still has abundant natural wealth, which is promising for development. This is one of the three assets.
The second asset is that Indonesia has a large population of workers at
a productive age, which constitutes a demographic benefit. The quality
of its human resources continues to be developed through the improvement
of education in the country.
He said that the third resource is global capital, which is ready to be
invested in countries which have promising and comparative advantages.
In the face of the 21st century era, Indonesia should not be
anti-foreign investment, as it must be able to take advantage of foreign
capital.
"We have to look at the global era as an opportunity. There are some 16
trillion US dollars invested in the world. We have to take it. The
money is very important for Indonesia in the 21st century. We should not
be xenophobic. Anti-foreign investment would only be a disadvantage for
us," Dino said.***2***
(T.A014/ INE )
(T.A014/A/BESSR/A. Abdussalam) 19-04-2014 12: |
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