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Thursday, 01 December 2022 10:58

Coordinating Minister Luhut: Investment Should Not Have Obstacles

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The Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan emphasized that investment in Indonesia should not encounter obstacles. Even though inflation in developed countries will have an impact on increasing interest rates in Indonesia.

This will slow investment and domestic consumption. "There should be no obstacles to our investment," he said during the 2022 National Coordination Meeting of Investments, in Jakarta, Wednesday (30/11/2022).

According to him, world economic growth is expected to slow down significantly in 2023 due to the weakening global economy. This triggers a decline in the price of Indonesia's main commodity, so that export growth also slows down.

Thus, one of the options to encourage growth is to attract as much foreign investment (FDI) as possible through the downstream program. For this reason, according to him, investment realization must be focused on accelerating the issuance of permits.

The total investment path that must be executed reaches US$30.9 billion by 2026. "This must be utilized by accelerating the issuance of permits," he said.

Currently, he stressed, Indonesia is undergoing an economic transformation and no longer relies on raw commodities. For example, in the policy of downstreaming nickel into steel, and raw material for batteries.

This also contributed significantly to the increase in exports. The export value of steel was US$ 23.16 billion and raw materials for batteries amounted to US$ 1.72 billion.

Luhut recounted the moment at the G20 Summit yesterday, that Indonesia received a lot of appreciation and the Indonesian people should be proud. "I am betting on this already good momentum and this should not be hindered by anyone," he said. (RRI)

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