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Observers outline challenges to private sector growth
Regional stability in ASEAN is one of the most important factors in encouraging economic growth in the private sector, business players and observers said during a discussion on regional issues.
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Director of the China Reform Foundation National Economic Research Institute Prof. Fan Gang delivers a speech before a seminar to commemorate The Jakarta Post's 33rd anniversary on April 25. (The Jakarta Post/Wienda Parwitasari)
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egional stability in ASEAN is one of the most important factors in encouraging economic growth in the private sector, observers said during a discussion on regional issues.
Deddy Saleh, an international trade expert who is also an independent commissioner at Indonesian conglomerate Sinar Mas, underlined the factors that impeded private sector growth, including geopolitical uncertainty and instability.
"Resolve the issues together, go forward in a more consolidated manner," he said during a seminar entitled Global Challenges and Regional Solutions: Engaging Stakeholders, held to commemorate the 33rd anniversary of The Jakarta Post on Monday in Jakarta.
Citing concerns such as disputes over the South China Sea and government intervention in the market, Deddy said such matters could potentially disrupt economic growth.
To illustrate the importance of peace and security, Deddy cited the example of the recent Abu Sayyaf hijacking in reference to the larger problem of terrorism in the region.
Meanwhile, South Korean ambassador to ASEAN Suh Jeoung-In urged ASEAN countries to forge themselves into a new engine of growth through intra-economic partnerships and in so doing, become less dependent on China.
“The formation of the ASEAN Economic Community is important. ASEAN countries, including us, must work together to find other sources of growth,” In told thejakartapost.com.
Other factors such as dumping, barriers to entry to foreign markets, and tariff regulations, especially those influenced by national interest, could all challenge international trade, Deddy added.
Sinar Mas is suspected of contributing to the forest fire and haze crisis engulfing Indonesia. Rising environmental concerns prompted restrictions in European countries on palm oil and pulp and papers products from Indonesia. (ags)
