Developed countries must also pay attention to the developing countries’ ideas (on improving the global economy).Jakarta (ANTARA) - Indonesian Investment Minister and head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia has stressed on equal distribution of economic growth between developing countries and developed countries.
Technology transfer is most important for providing added value as well as realizing the sustainable development goals (SDGs), which could encourage equal economic growth, he said, according to a statement released on Thursday.
The statement was delivered by Bahlil Lahadalia during an interactive discussion at the World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland, on Wednesday local time.
"It is useless for a country to have a high (economic) growth without equal distribution of growth," he said.
Thus, there must be collaboration among local entrepreneurs, foreign investors, and the local community to advance together, the minister added.
Cooperation for equitable global economic growth was also highlighted in the Bali Leaders' Declaration, which resulted from the G20 Summit in Bali, Indonesia, on November 15–16, 2022, he noted.
Paragraph 37 of the declaration contains a commitment by G20 members to carry out international trade and investment cooperation to overcome supply chain problems and prevent global trade disruptions.
The paragraph also emphasizes the importance of collaboration between major business players and micro, small, and medium enterprises (MSMEs).
The commitment of the G20 members is in line with the focus of the Investment Ministry/BKPM in encouraging the advancement of MSMEs, Lahadalia noted.
The COVID-19 pandemic had a very significant impact on disrupting the global supply chain, since earlier, business players only focused on developing the manufacturing sector, he said.
"We should be able to create new centers of economic growth, thus when other problems arise, we can face them together. Developed countries must also pay attention to the developing countries’ ideas (on improving the global economy)," he added.
The minister attended the discussion themed “Sustainable and Digital Foreign Direct Investment (FDI)” with president of the World Association of Investment Promotion Agencies (WAIPA), Deepak Bagla, and secretary general of the Digital Cooperation Organization, Deemah AlYahya.
The discussion was moderated by chief economics commentator for The Wall Street Journal, Greg Ip, and was followed by participants from several investment promotion agencies (IPAs) around the world.
The session explored cooperation opportunities between the government and the private sector to improve the investment climate, collaboration mechanisms that could create a conducive investment climate, and prioritizing environmental interests for attracting FDI in the digital economy sector.
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Translator: Ade Junida, Uyu Liman
Editor: Azis Kurmala
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