President Joko Widodo (L) (Photo: AFP/VNA)Jakarta (VNA) - President Joko Widodo on December 12 laidout strategies that could bring about a competitive edge for Indonesia when thecountry faces pressures from other nations over its trade policies on palm oiland nickel.
By reducingimports and boosting exports, the current account deficit could be narrowed andcreate a stronger comparative advantage for the country, the President saidduring his visit to automotive manufacturer Isuzu Astra Motor Indonesia (IAMI)in Karawang, West Java.
Indonesia has just shipped IsuzuStraga vehicles to the Philippines. However, within the next three years, thecars will be exported to 20 other countries in Africa, East Asia and the MiddleEast, he said.
Indonesia’s automobile exports needed to be increased to at least1 million vehicles by 2024, from less than 300,000 vehicles currently.
That way the current accountdeficit can be controlled and the trade balance can be managed, according tothe President.
The Indonesian Government has rolled out several policies to courtmore investment, particularly for the production of goods that substitute itsimport needs or goods that are oriented for exports, including last year’s revampof tax holiday incentives directed toward pioneering industries, such aspetrochemical, electronics and pharmaceutical manufacturing, among others.
In addition, the governmentis also drafting an omnibus law on job creation that aims to simplify regulationsto make it easier for investors to invest in the country, effectively amendingarticles in more than 70 laws./.
VNA
