Day: June 29, 2021

Jakarta (ANTARA) – Indonesia recorded a surplus of US$623 million in its trade with Switzerland in the initial five months of 2021 despite the global economy having shown no signs of recovery owing to the COVID-19 pandemic.

Indonesia’s trade performance with Switzerland improved in May 2021 after bilateral trade decreased in the previous months, the Indonesian Embassy in Bern noted in a press statement issued on Tuesday.

According to the Swiss Federal Customs Administration (FCA), Indonesia’s exports to Switzerland had reached US$782 million during the January-May 2021 period, while its imports from the European country stood at US$159 million.

Consequently, Indonesia clocked a surplus of US$623 million over the period of time.

“This is good news. Despite a downward trend in global trade, Indonesia is still able to record a surplus in its trade with Switzerland. We are optimistic of Indonesia being able to maintain a surplus in its trade with Switzerland in future,” Indonesian Ambassador to Switzerland and Liechstentein Muliaman Hadad stated.

The trade surplus reflected a bright point amid the sluggish global economy due to the COVID-19 pandemic, he remarked.

“As a country with a strong economy, Switzerland is also affected by the pandemic that has an impact on its economic growth. This is because Switzerland is an export-oriented country,” he stated.

According to the Swiss Coordinating Ministry for Economy, the Swiss economy contracted 0.5 percent in the first quarter of 2021 after recording a 0.1-percent growth in the previous quarter. Overall, the trade sector contracted 4.8 percent.

Indonesia’s exports to Switzerland comprised jewelry, footwear, non-woven and woven fabrics, electronic goods, coffee, furniture, and organic chemicals.

Source: Antara News

Jakarta (ANTARA) – Sharia economy and finance are playing an important role in the economy, particularly in the wake of the pandemic, and have become among the main supporting pillars of economic recovery, Finance Minister Sri Mulyani Indrawati has said.

“(Sharia economy and finance are needed) Not only to expedite the economic recovery process, but also to support Indonesia’s economic growth in order to be equitable and in accordance with the sustainable principles,” Sri Mulyani Inoted during the launch of Buku Teks Ekonomi Syariah here on Tuesday.

Sharia economic values can boost the national economy and ensure fair and equitable access in all aspects, especially in terms of education, health, and inclusive economic welfare, she highlighted.

The sharia redistribution mechanism refers to a social safety net system that, in Islamic fundamentals, teaches to always care and pay attention to the poor and vulnerable groups, she explained.

This value is in line with the goal of social justice for all the people of Indonesia and in accordance with the government policy design for building a social safety net through several social assistance programs, she said.

The social safety net program was designed to help boost the capability of the weak, poor, and vulnerable groups to enable them to catch up with other groups, she stated.

“This will also strengthen the social security and Indonesia’s economy,” she pointed out.

In addition, the risk sharing-based sharia financial system can also help build financial system stability since it shuns excessive risk in an attempt to realize sustainable economic growth, she said.

“Excessive risk-taking and imprudent risks will not be able to create economic crises (under a sharia financial system),” she added.

Sharia economic principles are aligned with the four main pillars of Sustainable Development Goals (SDGs) that cover the human development aspect, social strength, economy sector, and environment protection, the minister informed.

Seeing the sharia economy’s potential as one of the new economic growth sources, the government is committed to developing the sharia economy and finance in Indonesia, she stated.

Her statement mirrored President Joko Widodo’s directives that Indonesia become the main driver of the sharia economy by exploiting its huge potential in the financial market.

“So, Indonesia will not only be the target market and halal industrial products of other countries,” Indrawati remarked. (INE)

Source: Antara News