Indonesia saves 1.2 bi𝕴llion USD in state budget by reducing travel expenditures
President Prabowo had ordered the Ministry of Finance to cut the budget for overseas travel of ministers and officials who are members of the Red and White Cabinet.
Jakarta, January 28 (VNA) - The US-ASEAN Business Council (USABC), in collaboration with the University of Indonesia’s Institute for Economic and Community Research (LPEM UI), unveiled its sector overview report on January 21.
The timing follows leadership transitions in both Indonesia and the US, presenting an opportunity to enhance business prospects and deepen economic connections between the two countries and the wider ASEAN region.
The report titled “Navigating Opportunities: Nurturing Dynamic Economic Policies in Indonesia” provides recommendations for the new government under President Prabowo Subianto to focus economic growth across several key sectors. Indonesia’s digital economy experienced a 400% growth between 2017 and 2021, with the USABC forecasting it could rise further.
For Indonesia to turn its potential into prosperity, USABC recommends the Prabowo administration invest in improving digital infrastructure and data governance to attract companies to build data centers, telecommunications infrastructure, and artificial intelligence models in Indonesia.
To emerge as an ASEAN digital powerhouse, Prabowo’s government needs to ensure that Indonesia does not miss the opportunities in the ICT sector.
To accelerate Indonesia’s tourism transformation, Prabowo needs to prioritise key investments in these areas over the next five years of his administration.
According to USABC, Indonesia's potential to become a trading powerhouse has faced significant challenges due to protectionist policies and excessive regulations.
If Indonesia intends to become a trade-friendly country like its ASEAN neighbors, Prabowo’s administration should aim for a more coherent long-term trade policy that is accessible to foreign direct investors.
USABC remains optimistic that a renewed focus by Prabowo’s administration on the ICT, tourism, and trade sectors will unlock Indonesia’s significant economic potential. By fostering innovation, resilience, and growth, these efforts will not only benefit Indonesia but also strengthen economic ties across the ASEAN region./.
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