"Infrastructure development in the province should be accelerated, starting from transportation, renewable energy, and water management to urban infrastructure," Head of the BI Representative Office in West Java, Herawanto, noted in a written statement received here, Wednesday.
To this end, the central bank's office in West Java, in collaboration with the provincial government and the West Java One-Stop Investment and Integrated Services Office, organized the West Java Investment Summit (WJIS) 2020 on November 16-17.
BI and the West Java local government continue to synergize and work together in formulating strategies to increase investment flow into the province.
Herawanto noted that West Java Province had become a crucial contributor to Indonesia's economic growth since 2015.
West Java is one of the three most competitive provinces in Indonesia in 2020, supported by three driving factors: foreign direct investment (FDI), quality infrastructure, as well as competitive and reliable human resources.
In the last three years, Herawanto noted that on an average, West Java’s economy grew by 5.4 percent, higher than Indonesia's economic growth averaging 5.1 percent.
The province's strong economic growth was driven by the manufacturing industry and household consumption.
Furthermore, investment has played a vital role in contributing to economic growth of West Java. Hence, in a bid to facilitate economic recovery, it is necessary to formulate a well-planned and comprehensive strategy to encourage investment inflow that could function as a driver for national economic recovery. Related news: Indonesia's external debt stands at US$408.5 billion in third quarter
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Translator: Yuni Arisandy Sinaga
Editor: Rahmad Nasution
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