President says nationalism fuels long-term economic growth
“The nature of modern economy is that it does not progress or develop on its own. Growth is stimulated and sustained by nationalism,” Subianto said, while quoting the economic theory of sociologist Professor Liah Greenfeld, in Bandar Lampung, Lampung, on Wednesday.
President Subianto made the statement at the 18th National Conference of the Indonesian Young Entrepreneurs Association (HIPMI).
According to him, such principle has been adopted by countries with major economic powers. He cited the historical examples of the economic revival of Japan, the United States, Western Europe, and China, attributing their success to a strong foundation of nationalism.
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Subianto also recalled the history of HIPMI’s founding, which was inseparable from the spirit of nationalism. He noted HIPMI plays a significant role in producing leaders in the national community and economy.
Therefore, Subianto urged young entrepreneurs to cultivate a patriotic spirit in running their businesses.
On the occasion, he also highlighted the long-standing outflow of domestic capital to overseas markets, which has persisted for decades. He also asked entrepreneurs to invest their profits and savings domestically to help underprivileged communities.
The president considered this value of mutual cooperation is a key to national revival.
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Furthermore, Subianto also conveyed Indonesia’s target as the fourth largest economic power in the world by 2045 through strengthening industry and utilising the domestic market independently.
Earlier, the government has mandated PT Danantara Sumberdaya Indonesia (DSI) to solely manage and supervise export transactions involving strategic natural resource commodities, initially focusing on coal, crude palm oil (CPO), and ferroalloys.
This measure is primarily intended to prevent under-invoicing, transfer pricing, and the misappropriation of foreign exchange from export proceeds.
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Translator: Aditya Ramadhan, Resinta Sulistiyandari