Another effort to sharpen development in order to balance growth and equity is to develop the Islamic economy and finance
Jakarta (ANTARA) - Vice President Ma'ruf Amin outlined various strategies to achieve stability and national economic recovery after the COVID-19 pandemic amid the geopolitical conditions and the current global crisis.

"Economic stability and recovery can be achieved in the following ways. First, strengthen the supply chain of basic needs to avoid disruption in goods and service distribution," Amin noted in his remarks at the XIX Plenary Session of the Association of Indonesian Faculty of Economics and Business (AFEBI) and the 2022 Halal Indonesia Summit in Palembang, South Sumatra, Wednesday.

He pressed for maintaining the production and distribution of basic necessities at the grassroots level to control inflation in a bid to reduce burden in the household economy.

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Second, the vice president urged to manage fiscal and monetary policies carefully and effectively in order to maintain macroeconomic stability. The policies made must be effective and focused on targets, for instance, subsidies must be intended for vulnerable groups of people and the budget should be allocated effectively in accordance with priorities.

The third strategy entails expediting innovation and digitalization to encourage inclusive economic growth. He emphasized that the pandemic had given rise to new ways of working and innovation as well as accelerated digital transformation. Hence, innovation and digitalization should reach all groups of people as a tool for progress and growth and not to cause inequality, he affirmed.

As per the fourth approach, Amin encourages economic equity and justice, wherein several efforts have been made by promoting the establishment of cooperative businesses; limiting land tenure; expanding access to capital for micro, small, and medium enterprises (MSMEs) owners; optimizing state-owned enterprises (SOEs); and strengthening rural industrialization based on local resources.

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“Another effort to sharpen development in order to balance growth and equity is to develop the Islamic economy and finance. This economic concept is inclusive for all citizens and complementary to the national economic system. The government is very serious about encouraging the Islamic economy and finance. The development, so far, is very good," Amin remarked.

Hence, the vice president lauded the 2022 Halal Indonesia Summit held in conjunction with the 19th Plenary Session of AFEBI. He expressed optimism that these activities would promote the halal business and open up halal business opportunities for the community.

"With the support of all parties, we are optimistic that, God willing, Indonesia would become the World Halal Center in 2024," he emphasized.

At the conclusion of his speech, Amin advised the Deans of the Faculty of Economics and Business across Indonesia to formulate economic theories and concepts in accordance with the Constitution to emphasize the purpose of the state -- "social justice for all Indonesian people" -- throughout the country.
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Translator: Rangga Pandu A J, Resinta S
Editor: Fardah Assegaf
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