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RI needs to improve product quality for AEC
Indonesia must improve the quality of its products to prepare for regional rivalry when the ASEAN Economic Community (AEC) begins in 2015, says Industry Minister MS Hidayat
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I
ndonesia must improve the quality of its products to prepare for regional rivalry when the ASEAN Economic Community (AEC) begins in 2015, says Industry Minister MS Hidayat.
'If we do not improve the quality of our products immediately, then we will not be able to compete with foreign products entering the domestic market,' Hidayat said in Jakarta on Wednesday, as quoted by Antara news agency.
He said that Indonesia made up 50 percent of the entire ASEAN population, making it a large market for regional goods.
'A lot of foreign products will enter the market and customers will only buy high-quality ones,' he added.
The minister also said that industries must strategically maintain their domestic market while also attempting to enter foreign markets to secure the future of Indonesian goods.
Indonesia's industrial trade balance has suffered a deficit for the last five years, which has been exacerbated by rising import rates and declining export numbers.
In the last five years, exports of Indonesian goods only increased by 10 percent on average, compared to the 16 percent increase in imports.
