Mar'ie reaffirms deregulation

Mar'ie reaffirms deregulation

JAKARTA (JP): Finance Minister Mar'ie Muhammad reiterated
yesterday that trade and investment deregulation is one of the
five basic elements of Indonesia's strategy to sustain robust
economic growth.

Mar'ie told the 1994 Pacific Rim Forum in Beijing that
Indonesia will continue the ongoing process of deregulation,
reduce production costs and implement policies that are capable
of creating a diversified, self-reliant economy.

The forum, according to a press release from the finance
ministry here, is attended by 650 officials, businessmen and
economists from various countries.

He cited macroeconomic stability, improved legal framework,
human resource and infrastructure development and privatization
as the other four elements of the strategy.

"Macroeconomic stability has been one of the foundations of
the Indonesian economy over the past 25 years and it will
continue to be so," Mar'ie noted in his address.

A copy of his speech was released here yesterday.

He pointed out that with a total gross domestic product of
US$130 billion last year, the Indonesian economy was the sixth
largest among the developing countries.

"But if Indonesia is to continue delivering higher standards
of living and economic growth, it will have to broaden its export
base into higher value-added products," he said.

The minister cited balanced budget, an open capital account,
prudent fiscal and monetary policies and a competitive exchange
rate as vital elements of the policies to maintain macro-economic
stability.

Mar'ie also welcomed the development of the Asia Pacific
Economic Cooperation (APEC), citing its complementary role to
ASEAN.

"The combination of a small group like ASEAN, that can
coordinate trade and investment policies, and a larger, more
diverse group like APEC for the purpose of dialogs and
discussions provides the foundation for enhanced regional
cooperation," he added.(vin)