Jokowi opined that industrialization and downstreaming can reduce the current account deficit.
The president highlighted the need for Indonesia to develop the downstream sector immediately, asserting that the country has abundant natural resources but was yet unable to enjoy the wealth potential.
He explained that despite Indonesia exporting raw materials, including bauxite and CPO, domestic factories continued to import readymade goods.
Every year, 480 million tons of coal is exported, he pointed out.
"If only industrial downstreaming could be applied, as low-calorie coal could be used as a replacement for LPG (liquefied petroleum gas). The latest I heard is that it could also be converted to DME (dimethyl ether) and used for avtur," he elaborated.
This year`s CEO Networking meeting is themed "Embrace Networking and Synergy to Compete Globally."
Coordinating Minister for Economic Affairs Darmin Nasution and President Director of the Indonesian Stock Exchange Inarno Djayadi were also present at the opening ceremony.
Reporting by Bayu Prasetyo
editing by Fardah Assegaf