Indonesia develops strategy to tackle economic challenges

The BNI Investor Daily Summit 2024 opened in Jakarta on Tuesday with theme “Accelerating Resilient Growth.”

Organized annually by the state-owned Bank Negara Indonesia (BNI), the forum aims to create opportunities for the government, business leaders, investors, and stakeholders to develop strategies addressing both national and global economic challenges.

The two-day event brings together over 2,000 participants, including ministers, policymakers, entrepreneurs, scholars, and students. Discussions focus on investment and development, giving participants opportunities to exchange ideas and build strategic solutions for Indonesia’s future under President-elect Prabowo Subianto.

In his opening remarks, President Joko Widodo highlighted Asia’s potential as a global economic growth driver, naming India, China, and Indonesia as future economic powers.

However, he acknowledged the challenges posed by global economic downturns and geopolitical tensions. Widodo emphasized the need for Indonesia to leverage its large population, capital, and sustained economic growth rate of over 5% to accelerate development.

BNI chief executive officer Royke Tumilaar noted Indonesia’s strong economic foundation but stressed the need for structural reforms to achieve the "Indonesia Emas 2045" vision. He pointed out that Indonesia's economy is projected to be the second-fastest growing among G20 nations in 2024, trailing only India.

Indonesia aims to raise its per capita income from the current more than $5,000 to over $7,000 in five years and above $9,000 within the next decade. To achieve this, the country must maintain an annual growth rate of over 5%, striving for up to 8%.

The two-day summit features 50 speakers, including four Indonesian ministers, discussing 15 strategic issues related to downstream industries, connectivity, regulatory reforms, and Indonesia's transition to the next stage of economic growth.

The event also includes exhibitions showcasing Indonesia’s distinctive and innovative products.