"After the shock, Indonesia has returned to stability and recovery and is now focusing on how we will strengthen our fundamentals," Indrawati remarked at the 2nd International Conference on Muslim World Economy and Business (ICMWEB), as monitored here on Wednesday.
The minister explained that even during the difficult pandemic phase, Indonesia continued highly ambitious reforms, including the tax harmonization law, alignment of central and regional fiscal policies, financial sector reform, and job creation law.
Financial sector reforms include the integration and adoption of financial technology (fintech), sustainable strengthening efforts for small and medium enterprises (SMEs), and consumer data protection.
"Any country that wants to continue to develop its economy needs a deepening in the financial sector and a more advanced financial industry," Indrawati pointed out.
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Indonesia is also conducting reforms to overcome fundamental economic problems, i.e., productivity and the need to amplify added values.
"Reforms in Indonesia continue despite a very challenging situation due to the pandemic and global political tensions. Any problem should not be used as an excuse for not doing our best," she affirmed.
Indonesia is a country, with rich natural resources, but its value has never been added, she stated.
Hence, the government is currently making the most of the global economic momentum by making a shift through transformation of the automotive industry toward electrification.
"Indonesia is positioning itself very strongly because it has natural resources. We are also improving our investment climate," she stated.
In addition to improving the investment climate, Indonesia offers additional incentives to EV and EV battery industries, so that the ecosystem can be developed consistently and strongly.
"This is the industrialization strategy in revitalizing our manufacturing sector and creating more added value in the domestic economy," she remarked.
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Translator: Martha S, Kenzu
Editor: Yuni Arisandy Sinaga
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