I entrust big businesses to help develop the micro ones so no one is left behind
Nusa Dua, Bali (ANTARA) - President Joko Widodo has said that Indonesia's economy has continued to grow amid the various crises observed at the global level of late.

"The Managing Director of International Monetary Fund (IMF), Kristalina Georgieva, said that Indonesia is a glimpse of hope amidst the global economic downturn," he noted at the closing of the B20 Summit in Nusa Dua, Bali, on Monday.

B20 is the G20 Sherpa Track’s official dialogue forum for the global business community. It provides practical policy recommendations from a business viewpoint to the G20. The G20 Summit will take place in Bali on November 15–16, 2022.

Speaking in front of businesspersons from G20 countries on Monday, President Widodo noted that the Indonesian Presidency this year was carried out in a difficult situation, namely amid a pandemic, food and energy crises, and even a financial crisis.

"But we should be grateful that Indonesia's economy in the second quarter still grew 5.54 percent and in the third quarter, we grew stronger at 5.72 percent," he highlighted.

Indonesia was also able to manage inflation, which rose to 5.9 percent in September 2022 due to an increase in fuel prices and then fell to 5.7 percent in October 2022, he informed.

To ensure future economic growth, he outlined three strategies that must be implemented, namely industrial downstreaming, green economy development, and digitalization.

Industrial downstreaming is intended to generate added value for Indonesia's raw commodities that can be exported abroad, while the green economy aims to develop Indonesia's large potential in the field of new and renewable energy.

"This is an opportunity for investors to collaborate with Indonesia by bringing their investment and technology because it requires a lot of money to build a green economy in Indonesia," he disclosed.

Meanwhile, through digitization, Indonesia is aiming to develop the micro, small, and medium enterprise (MSME) sector. In the past three years, 19 million MSMEs in Indonesia have joined digital platforms. This number is targeted to be increased to 30 million digital MSMEs by 2024.

"I entrust big businesses to help develop the micro ones so no one is left behind," Widodo said.

Under the Indonesian Presidency this year, B20 produced 25 policy recommendations and 68 policy actions, which will be forwarded to the government.

After completing the leadership of the B20 this year, Indonesia passed on the B20 Presidency to India.

“I wish the Indian Presidency good luck for next year. I am optimistic that B20 will be even more solid and continue to grow," the Indonesian President remarked.

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Translator: Yashinta Difa P, Resinta S
Editor: Sri Haryati
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