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Robust export-orientated policy vital amid Trump's protectionism
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A railway car manufactured by state-owned train manufacturer PT Industri Kereta Api (INKA) is loaded onto a cargo vessel, which will be exported to Bangladesh. (thejakartapost.com/Wahyoe Boediwardhana)
A
s protectionism appears to be on the rise led by the United States under the new Donald Trump administration, Indonesia needs to be creative and agile in capturing export markets to benefit from the new circumstances, a state official has said.
"In a recent Cabinet meeting in Bogor it was agreed that we needed to be more export oriented to make use of current global trends," said Thomas "Tom" Lembong, head of Investment Coordinating Board (BKPM).
"In case the US dollar strengthens in the second half [of the year] under Trump, our products will be cheaper for them [to import]," he added.
(Read also: At $46 billion, 2016 direct investment beats govt target)
"Also as a consequence, the Japanese Yen and Korean Won would weaken so Asian tourists might prefer traveling to Bali than to Hawaii," Tom exemplified.
The BKPM has communicated with the Tourism Ministry and other institutions to boost investment in non-traditional sectors, ranging from tourism, e-commerce, services and certain manufactured goods to add more value to Indonesian products and services in the face of rising protectionism. (bbn)
