Strong consolidation needed to face global economic turbulence

Jakarta (ANTARA News) – President Joko Widodo (Jokowi) reminded the countrys fiscal and monetary authorities and the business of the need for strong coordination and consolidation to face the global economic uncertainties.

“Uncertainties in the global condition, trade war between the United States and China, increase in interest rate, crisis in Argentina and Turkey, would necessitate strong consolidation and coordination between the monetary and fiscal authorities and the business sector,” Jokowi said addressing a ceremony commemorating the 50th anniversary of the Indonesian Chamber of Commerce and Industry (Kadin) here on Monday night.

He said good coordination and consolidation would make it easier to develop the public and market confidence.

“It is the same as in developing a corporation. Trust brand is vital. The state needs that. Building up trust and market confidence that the international communities, domestic market believe that we are working seriously to settle state problems,” he said.

He said Indonesia is a big country with a population of 263 million, the fourth largest in the world, having 17,000 islands and made up of 34 provinces.

“It is not easy to manage such big country . Each area has own cases, and requirement different from each other,” he added.

He said developing Indonesia concerns not only economic and political aspects.

“If we are concerned only with economic and political gains we need only to focus on development of Java, which is home to 60 percent of the countrys population, but we think of a nation. We are concerned not only with expanding business empire leaving Papua, North Maluku, NTT and other eastern Indonesian regions to suffer in backwardness,” he said.

Currently imbalance is still wide in infrastructure between the countrys western, central and eastern regions, he said, adding Indonesia is seeking to catch up with other countries.

He cited three years earlier, Indonesia had only 231 water reservoirs and dams as against 6,000 dams in the United States and 110,000 dams in China.

“This is fact that has to be presented and we have to do something about it,” he said.

He also spoke about progress made in the construction of toll roads saying after the Jagorawi toll road was operational until early 2015, Indonesia had only 780 km of toll road as against Chinas toll roads totaling 280,000 km.

“We need to know the condition we are in before we start working hard to make up for the gap especially in eastern Indonesia,” he said.

Source: ANTARA News