Capital market should grow alongside economy: VP Kalla

Capital market should grow alongside economy: VP Kalla

Vice President M. Jusuf Kalla. (ANTARA/Anis Efizudin)

Reducing credit application procedures means lessening economic inequality."
Jakarta (ANTARA News) - Vice President M. Jusuf Kalla has said the economy should grow alongside the capital market to ensure even and equal welfare.

"I always say that the capital market is important but traditional markets such as Pasar Senen or Tanah Abang are more important. There is no point to the increases here in the exchange if the market in Tanah Abang plummets," he said at the Indonesian Stock Exchange in Jakarta on Tuesday.

He believes that while the capital market can be the benchmark for foreign investment, public markets indicate the countrys real economy.

"We are not guided solely by numbers here, but also by the ways we can develop the countrys real economy," he remarked.

For that reason, the vice president has ordered stakeholders, including the Ministry of Finance, Bank of Indonesia, Finance Services Authority and companies that are registered under the Stock Exchange to synchronize their performance, so that the economy can also grow accordingly.

Among the measures that can be taken, he said, include de-bureaucratizing the process of establishing companies, as well as simplifying the Peoples Business Credit application processes.

"Reducing credit application procedures means lessening economic inequality," he stated.

Vice President Kalla opened the Indonesian Stock Exchange 2017 trade on Tuesday. The Composite Stock Price Index fell by 6.3 points or 0.12 percent to 5,290.39 rupiah.

Minister of Finance Sri Mulyani, Bank of Indonesia Governor Agus Martowardoyo, Head of Finance Services Authority Muliaman Hadad, Head of Investment Services Agency Thomas Lembong and Chief of the Stock Exchange Tito Sulistio also attended the opening alongside Kalla.

(Reported by Azizah Fitriyanti/Uu.KR-ARC/INE/KR-BSR/B003)