"Indonesia has the largest economy in the ASEAN, with a population of 273 million and gross domestic product of more than US$1 trillion," Pandjaitan remarked while addressing the Asia-Pacific Conference of German Business held virtually on Monday (Oct 19).
In a written statement released on Tuesday (Oct 20), the minister encouraged mutually beneficial cooperation between Indonesia and the relevant stakeholders. The cooperation can be realized in the fields of economy, manpower, health, and technology.
Indonesia will also encourage trade cooperation with non-ASEAN member states, including the European Union (EU), through the Indonesia-EU Comprehensive Economic Partnership Agreement (IEU-CEPA). With the platform, the Indonesia-EU strategic partnership will increasingly become concrete, he noted.
Indonesia is also encouraging investment in the health sector by offering wider autonomy in the production of active pharmaceutical ingredients and investment in hospitals.
"More than 600 thousand Indonesian medical tourists visit Singapore, Malaysia, the United States, Thailand, and so on for medical treatment. They spend billions of dollars abroad every year. Why don't we open more international hospitals in Indonesia? The spirit is to save foreign exchange," he stated.
Indonesia is also in the process of developing the lithium battery industry using nickel, cobalt, bauxite and copper as raw materials. The demand for lithium batteries will be high in future, along with the use of electric cars, microgrids, and electric products, he noted.
On the other hand, the Indonesian government has also taken progressive steps to improve the business climate in the country through enactment of the job creation law or omnibus law, he stated.
The law simplifies 8,451 national regulations and 15,965 regional regulations that burden small-, medium-and large-sized business undertakings, he explained.
With the job creation law, Indonesia has reformed the manpower law. The law will ensure to strike a balance between protecting workers and creating job opportunities, he added.
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