That is why Indonesia needs to join IPEF and play an active role in every meeting
Jakarta (ANTARA) - Coordinating Minister for Economic Affairs Airlangga Hartarto hosted a face-to-face bilateral meeting with U.S. Secretary of Commerce Gina Raimondo on the sidelines of the Indo-Pacific Economic Framework (IPEF) for Prosperity Ministerial Meeting (PTM).

In an official statement received here on Friday, Hartarto stated that the meeting discussed various crucial developments in the IPEF negotiations and efforts to improve US cooperation and investment in Indonesia.

"The volume of bilateral trade between Indonesia and the US is targeted to reach 60 billion US dollars, of which currently, it has only reached 37 billion dollars, so there is an opportunity to further improve cooperation between the two countries," Minister Hartarto said.

The US investment in Indonesia was still limited, capped at US$2.54 billion, or around Rp37.5 trillion, in 2021, so it was necessary to encourage further inflow.

“That is why Indonesia needs to join IPEF and play an active role in every meeting. This is a very good opportunity for Indonesia to increase US trade and investment," Raimondo noted in response to the minister's statement.

Indonesia had been actively involved in forming the IPEF and had joined since its launch on May 23, 2022, in Tokyo, Japan. At the IPEF Ministerial Meeting in LA, Indonesia confirmed and decided to be involved in all four pillars listed in IPEF, including Pillar I regarding Trade.

As per employment issues included in Pillar I, the minister elaborated on the policies implemented by the government through the Pre-Employment Card Program, in which 13 million people participated, and 110 million registered digitally.

She was also highly impressed with the success of the Pre-Employment Card Program.

"The government's investment in human resources will greatly help Indonesia's economic growth and future," she stated.

Raimondo further noted that the IPEF was immensely beneficial for countries in the Indo-Pacific Region. The US Government has provided US$50 billion (about Rp747 trillion) in federal funds to build the semi-conductor industry in accordance with the CHIPS Program.

Raimondo voiced her commitment to Minister Hartarto wherein they would allocate funds in the CHIPS Program to boost semiconductor investment in Indonesia. Raimondo also accentuated the commitment to encourage big US companies to invest in Indonesia.

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Translator: Kuntum Khaira R, Mecca Yumna
Editor: Sri Haryati
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