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ewly inaugurated Trade Minister Thomas Trikasih Lembong faces the daunting task of realizing 300 percent export growth in five years as the country struggles with slow economic growth.

Tom Lembong, as he is known among his colleagues, replaces Rachmat Gobel, who held the post from October last year.

During the handover ceremony at the Trade Ministry on Wednesday, Thomas said he was ready to take the job, asking all officials at the ministry to join him in his efforts.

'€œI am convinced that we will be able to face the economic challenges because our nation has massive powers that should be used together,'€ Thomas said, adding that he had an '€œinformal'€ outlook and was quite '€œpractical'€ in doing his work.

In his remarks, Thomas emphasized the importance of working with high professionalism and ethics. '€œI'€™m ready to work faster and support hard-working individuals in this ministry.'€

At the same occasion, Thomas also expressed his appreciation for Rachmat, who showed openness and offered help during their first official meeting at the ministry.

'€œI am obviously willing to continue his efforts, because continuity is an important thing for me,'€ he said.

Thomas, who was informed about his appointment on Wednesday, said he saw the job as a good opportunity to serve the country, even though he declined to reveal his initial programs.

Thomas spent his long career in investment banking and worked as a CEO and managing partner of Indonesia-based equity fund Quvat Capital, which he and his partners established. Quvat Capital is one of the equity holders in local cinema chain Blitz Megaplex.

The 1994 graduate of Harvard University was appointed to manage the assets of failed banks at the Indonesian Bank Restructuring Agency (BPPN) after the 1998 economic crisis.

During the handover ceremony on Wednesday, former trade minister Rachmat shed tears when delivering his last speech as he told the audience that he was committed to making a smooth transition for the new minister to continue his work.

'€œI decided to have the [handover] ceremony today so that Pak Thomas can start his work immediately. We already discussed the work-in-hand, such as the efforts to boost the domestic market, especially stability in price and supply, as well as boosting export growth,'€ Rachmat said.

Rachmat, who plans to return to his businesses, said he expected that Thomas would be able to continue his work, while also reminding his audience that '€œevaluation is essential.'€ He acknowledged that in the past 10 months, he had received criticism from the people who demanded quick improvements.

'€œIssues were never-ending, as we completed one task, another would come. However, our success was actually hugely contributed to by all echelons, which is why I am sad to leave all of you,'€ Rachmat said.

Rachmat said he was convinced that Thomas would effectively handle various issues currently looming at the ministry, such as dwelling-time problems in seaports.

The Trade Ministry was recently in the spotlight following the detention of its non-active director general of foreign trade Partogi Pangaribuan as a suspect in a graft case that is thought to have been behind long dwelling times at Tanjung Priok Port in North Jakarta.

The ministry has also struggled with the huge task of monitoring the local beef market as recent soaring prices of beef have triggered a strike by butchers.

As the country seeks to improve its economic growth, the ministry has also set an export growth target of 300 percent in the next five years, which means a 60 percent increase in one year alone.

Exports in June rose by 5.91 percent to US$13.44 billion on a month-on-month basis from May, although the year-on-year performance dropped 12.78 percent.