Jakarta - President Joko Widodo (Jokowi) has underscored the need for Indonesia to transform its economy from consumption-based to investment-based economy.
The time has come for Indonesia to shift to investment-based economy from consumption-based economy, he stated in his address to the second gathering of 100 Indonesian economists at Grand Sahid Jaya Hotel here on Tuesday.
"This way, it (investment-based economy) will be more productive and create a greater multiplier impact on the economy," he noted.
The same is also true with industries that rely on natural resources, he added.
Indonesia must abandon the economy, which is based on natural resources, without processing and instead must pursue manufacturing industries to increase added value, he remarked.
"This is the key. Let us not continue to export raw materials without processing them. We must start with process-based economy," he revealed.
He pointed out that the government is building more infrastructures as part of the efforts to boost the national economy.
Equitable infrastructure development across Indonesia is badly needed, he noted.
"Infrastructure development in Indonesia is urgent because its (existing) infrastructures are far from ideal and even tend to worsen. This is based on the results of a study conducted by the World Bank and McKinsey (in 2013)," he revealed.
Hence, the government has been stepping up infrastructure development in outlying regions, including Papua, which previously received less attention, he stated.
The government is building Trans Papua road and several other infrastructures to curb price disparities, especially in Papua, he concluded.
Source: Antara News