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Focusing on economic recovery with the World Economic Forum

Posted 5 months ago by Ryan Julian

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Indonesia is collaborating with the World Economic Forum (WEF) to host a virtual forum on Wednesday that focuses on economic recovery in the country and the government’s efforts to curb the COVID-19 pandemic, while also promoting investment in key sectors like healthcare. Government representatives are to meet global business players and other stakeholders at the “WEF Special Virtual on Indonesia: Indonesia’s Priority on Health and Economic Recovery”, according to a statement from the Foreign Ministry. The forum is part of the WEF's Country Strategy Dialogue, which has selected Indonesia and three other countries, Japan, China and Pakistan, to participate in individual dialogues under the umbrella theme “The Great Reset".

Indonesia plunged into recession for the first time in two decades when the economy shrank 3.49 percent year-on-year (yoy) in the third quarter, following a 5.32 percent yoy contraction in the second quarter. Meanwhile, the country's cumulative COVID-19 cases totaled 502,110 on Monday, the highest among Southeast Asian countries, nearly nine months since reporting its first two cases in early March.

In particular, it would be seeking to promote investment in the healthcare and pharmaceutical industries to beef up Indonesia’s capabilities in vaccine and drug production. The government was also seeking new investors in the digital economy, as well as in manufacturing, infrastructure development and renewable energy.
The government stipulates in the National General Energy Planning (RUEN) road map that new and renewable energy (EBT) should make up at least 23 percent of the energy mix by 2025 and at least 31 percent by 2050. However, Indonesia is struggling to meet its targets. According to data from the Energy and Mineral Resources Ministry, current regulations mandate that 17.5 percent of Indonesia’s energy use derive from renewable sources by 2019, but the country generated only 12.36 percent from renewables that year.


(source: The Jakarta Post)

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