Indonesia releases white paper on proposed direction of 2024-2029 economic development

The Indonesian Chamber of Commerce and Industry (Kadin) has launched a white paper on the proposed direction of economic development for 2024-2029 as the country has set a target of achieving an economic growth rate of 8% during President Prabowo Subianto's leadership term.

Kadin chairperson Arsjad Rasjid said the white paper is a strategic document prepared by Kadin as a guide and policy recommendation to achieve the economic growth.

The white paper explains current challenges/issues in detail as well as the main initiatives that can solve these problems, so the document is relevant to Indonesia's situation for the next five years.

According to Rasjid, the white paper is a guide for synergy between the business world and the government to build an inclusive and sustainable economy.

The document translates Indonesian President Prabowo's Asta Cita vision into concrete steps and provides a more detailed focus on key growth sectors, such as digitalization, industry, energy, as well as micro, small, and medium enterprises (MSMEs).

Kadin has formulated four strategic pillars - increasing resilience, promoting welfare, strengthening inclusiveness, and advancing sustainability - which are outlined in key initiatives to guide 8% growth.

Kadin has also made GDP projections based on a cumulative addition of $450-500 billion from all key initiatives during the 2024-2029 period.

Based on these projections, there are seven top growth themes that have the potential to contribute more than 80 percent of the estimated total GDP impact in 2024–2029 including health infrastructure, energy security, MSMEs, manufacturing, green and sustainable businesses, and food security.

Director of policy and programme at the Indonesian Business Council, Prayoga Wiradisuria, said that the main theme of the white paper concerns the effort to build the largest green business development centre in the world.