RI economy 5th largest in 2020
RI economy 5th largest in 2020
JAKARTA (JP): Indonesia will be the fifth major economic power
in the world, based on purchasing power parity, by the year 2020
after the United States, China, Japan and India, Coordinating
Minister for Production and Distribution Hartarto said yesterday.
"Economic progress and the vast availability of economic
resources, coupled with an increasing role in the international
scene, make Indonesia a prospective partner for other countries
in the world," Hartarto told a seminar on India and Indonesia --
Partners in Progress at the Jakarta International Trade Center.
Dozens of top Indonesian and Indian business executives
attended the seminar, which was conducted in conjunction with the
5th meeting of the India-Indonesia Joint Business Council.
Hartarto said the tremendous progress of the Indonesian
economy, which has been proven by steady economic growth, has
brought the country to the brink of becoming one of the newly
industrialized countries.
The economic growth rate during the first long-term (25-year)
development program reached an average of 6.8 percent per annum.
He said that the growth rate, which was much faster than the
population growth during the same period, consequently supported
the increase of per capita income.
The population growth rate was recorded at 2.3 percent per
annum in the 1970 to 1980 period, which declined to 1.7 percent
in 1980 to 1990 and to 1.6 percent in 1993.
Indonesia's Sixth Five-Year Development Plan which ends in
1999 has set a target of reaching a per capita income of
US$1,280, an average economic growth rate of 7.1 percent per
annum and non-oil export expansion of 16.8 percent a year.
He added that the country's goal by 2018 is to reach a per
capita income of $3,500, an annual economic growth of 7 percent
and a non-oil export increase of 16.5 percent per year.
Hartarto suggested the seminar participants create and deepen
business synergy to boost economic ties between the Indonesia and
India and urged Indonesian companies to increase exports to India
to balance the two-way trade.
The trade between the two countries has so far favored India.
Indonesia's exports to India, for example, increased from $99.9
million in 1993 to $277.7 million in 1994 and $341.8 million in
the January to November period of 1995.
Indonesia's imports from India were recorded at $335.4 million
in 1993, $318.2 million in 1994 and $407.5 million in the January
to November period of last year. (kod)