President urges business and government to synergise to bolster the national economy

Jakarta (ANTARA) - The President called on entrepreneurs and government institutions to strengthen strategic cooperation to drive the national economy amid the dynamics of the global crisis. ‘Fellow citizens, entrepreneurs and the government must work together. I remind you, workers, not to always ask for more; entrepreneurs also work hard and get stressed. They have to pay credit to banks, but the Government wants to cooperate,’ the President said in his address at the plenary session of the House of Representatives in Jakarta on Wednesday. According to the President, a solid synergy between the government, the private sector, micro, small, and medium enterprises (UMKM), and regional government officials is the key to creating extraordinary economic prosperity for all Indonesians. The Government is committed to providing various social protection instruments to mitigate as well as ease the financial burden faced by domestic business actors. In addition, the Government is opening space for entrepreneurs facing operational obstacles to promptly submit official reports so that solutions can be sought together. Prabowo emphasised that the Government is ready to provide assistance in the form of temporarily lowering tax rates for businesses affected by the crisis, although such a policy cannot be provided indefinitely. Through a mix of fiscal policy and strengthened cross-sector cooperation, domestic economic stability is expected to be well maintained as Indonesia successfully weathered the previous global crisis. The President also outlined projections from several experts and international institutions that Indonesia’s position is expected to rise to become the world’s fourth or fifth largest economy by 2045. This massive growth is projected to enable Indonesia to surpass the GDP of several advanced European countries such as the United Kingdom, France, and Italy within the next 19 years. Nevertheless, the Head of State reminded everyone not to become overly complacent and to remain focused on eliminating all forms of governance irregularities in economic management to maximise national growth potential.