Jakarta (ANTARA) - The Finance Ministry is confident that the progress of investment in Indonesia will continue despite the 2024 General Elections being held.

"We have taken the General Elections into account. Many said that the General Elections cause uncertainty. This is true to some extent, but maybe, this year, it will be a bit different," Head of the Fiscal Policy Agency at the Ministry Febrio Nathan Kacaribu stated here on Wednesday.

Kacaribu delivered the statement during an event titled "The Direction of Economy and Fiscal Policy in 2024."

He pointed to a huge possibility of an increase in consumption during the general election period, as the grand political event will involve millions of people participating in several activities.

Hence, despite several analysts saying that investors would apply a wait and watch approach, there is still hope in terms of consumption, Kacaribu pointed out.

Moreover, Indonesia demonstrates good performance, as initial public offerings were recorded in the stock market in the first quarter of 2023, he stated.

He is confident that such instance shows that current opportunities for investment in Indonesia are good.

His optimism is backed with data from Global IPO Watch QI 2023, which showed that Indonesia is ranked fourth among the top 10 IPO markets in the first quarter of 2023. Kacaribu attributed this achievement to the increase in demand for commodities relevant to the production of electric vehicles' batteries.

"It never happened before, as Indonesia ranked above Hong Kong and Japan. This is a sign that the interest to invest is still high, even though our General Election (activities) are still until next year," he elaborated.

Kacaribu also highlighted Indonesia's huge capability in economic management that makes it stands out in the global community.

It is also apparent from the rupiah exchange rate that improves while other countries are hit with depreciation, he stated.

"Hence, the combination of economic performance and credible investment governance is what makes a lot of investors (interested)," he concluded.

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Translator: Imamatul Silfia, Mecca Yumna
Editor: Azis Kurmala
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