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Macroeconomic condition in Indonesia continues to recover, thus making the Indonesian economy attractive to global investors and conducive to investment and trade. The manifestation of recovery is shown in the Indonesian Investment Forum in Dubai (IIFD) 2023, hosted by Bank Indonesia in synergy with KJRI Dubai, the Embassy of the Republic of Indonesia in Abu Dhabi, the Indonesia Investment Promotion Centre (IIPC) of the Ministry of Investment of the Republic of Indonesia and the Indonesian Trade Promotion Centre (ITPC) of the Ministry of Trade of the Republic of Indonesia, in Dubai-United Arab Emirates (UAE) (08/03). IIFD offers various activities to embrace Indonesia's potential, including presentations of several investment project opportunities (IPRO), Indonesian Night in Dubai, featuring the IN2MOTION FEST modest fashion show, as well as the Indonesian MSMEs Exhibition, including under BI partnership. Entitled Unlocking Indonesia's Potential, IIFD aims to unlock various opportunities to attract foreign direct investment (FDI), while simultaneously expanding markets for export-oriented products. IIFD also included as side events of Indonesia's ASEAN Chairmanship in 2023. Previously, Road to IIFD event has selected seven strategic investment projects.
In his speech, BI Governor Perry Warjiyo outlined three important reasons why investors should invest in Indonesia. First, Indonesia has shown the best post-pandemic economic performance. Economic fundamentals in Indonesia are solid, with optimized digitalisation. Indonesia has monetary and financial stability, which that circumstance is good for investment. Second, strong national economic policy. With a strong leadership, Indonesia has an agile government policy, including sound fiscal and monetary coordination. Thus, the State Revenue and Expenditure Budget (APBN) is considered relatively optimal to dampen emerging economic shocks. This will further facilitate trade and investment. In addition, the government continues to institute structural transformation of the real sector through mining and agricultural downstreaming, as well as the green and inclusive economy. Third, Bank Indonesia supports investment with policies, using a pro-stability and pro-growth policy mix to support a conducive investment climate. This includes, for example, policy incentives for banks to channel financing to priority sectors as well as support MSMEs development and digitalized them, while BI also promoting integrated, interoperable and interconnected payment systems for greater convenience. Moving forward, cross-border payment transactions will become simpler through cross-border payments, Local Currency Transactions and the Digital Rupiah.
Not only do both state leaders (Indonesia and UAE) have a close partnership, both countries also have similar interests in mutually strengthening the economy for the welfare and prosperity of the people. Let's invest in Indonesia before it's too late," said Governor Perry Warjiyo.
Ambassador of RI for UAE, Husin Bagis, reiterate how UAE is an important partner for Indonesia in terms of religion, health, conservation, mangroves, culture and the economy, including investment, trade and finance. The value of UAE investment in Indonesia stands at USD4.5 billion, with USD20 billion targeted by 2030. Several sectors continue to attract significant FDI commitments, including telecommunications, biothermal energy, solar panels, oil and gas. “We believe that the most important aspect in this moment is how we follow it up," Cecep Herawan stated.
The Secretary General of the Ministry of Foreign Affairs of the Republic of Indonesia, Cecep Herawan and Deputy Minister of the Indonesia Investment Coordinating Board (BKPM), Indra Darmawan was also in attendance to present his remarks and participate in a panel discussion with the Director of the Ministry of Foreign Affairs, Cahyo Purnomo, Director of the Bank Indonesia International Department, Haris Munandar, and CEO of Masdar, M. Jameel Al Ramahi, who discussed FDI performance in Indonesia, economic developments in Indonesia and Bank Indonesia's role in promoting investment, while giving various testimonials concerning investment in Indonesia.
Furthermore, there are four major projects presenting a special investment opportunity for Middle East investors, namely: (i) Agro Techno Park in Garut as a hub of agricultural development and an educational tourism attraction, (ii) Health-Tourism Special Economic Zone (SEZ) in Bali, which is an integrated zone for health and tourism, (iii) Wado Hydro Electric Powerplant, with 50MW capacity on Cimanuk River in Wado, as a national strategic project (PSN), and (iv) Tolo Wind Power Plant 2, with 75MW capacity located in Janeponto, South Sulawesi. The four projects for economic sustainability were previously curated by Bank Indonesia and IIPC Abu Dhabi, with exhibitions and direct presentations for prospective investors. The projects are expected to accelerate the green and sustainable economy for a better environmental future.
Indonesian Night features various quality Indonesian products in the Middle East. UAE is considered an optimal market at the economic centre of South Asia, Central Asia and East Europe. In synergy with the Indonesian Fashion Chamber (IFC), Bank Indonesia presents IN2MOTION FEST as the flagship fashion show for leading designers of modest and Muslim wear. The creations apply the concept of sustainability and optimise the utilisation and strength of local resources. IN2MOTION FEST features the work of three prominent Indonesian designers using traditional woven fabrics and motifs (wastra) from MSMEs mentored by Bank Indonesia. The three synergic collaborations between designers and MSMEs include Ayu Dyah Andari with Dayang Songket – West Kalimantan, Itang Yunasz with Tenun Isam – West Java, and Khanaan Shamlan with Sri Kemuning – Riau.
At the Indonesian Night event, Governor Perry Warjiyo will present an appreciation by handing out batik, tenun, losari and songket fabrics from all corners of the archipelago to the prominent persons. The traditional textiles were gifted to prominent persons, including UAE government ministers and officials, the Indonesian ambassador and consulate general, ministerial officials, prominent influencers in UAE as well as other officials and entrepreneurs who contributed to Indonesian trade and investment in UAE.
At the event, various MSME booths were erected with 11 local entrepreneurs assisted by Bank Indonesia proudly displaying MSME products from around the archipelago, including textiles, furniture, aromatherapy products, bags, accessories, and clothing by local Indonesian designers. For further information on these products and other options, visit the Instagram and Twitter channels @bank_indonesia @karyakreatifindonesia dan @in2motionfest.
Jakarta, 9th March 2023
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