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Government pledges extra effort on rating upgrade

Even the most attractive packaging will do little to entice consumers who have previously been disappointed with the poor quality of a product.

Prima Wirayani and Grace D. Amianti (The Jakarta Post)
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Jakarta
Tue, May 23, 2017

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Government pledges extra effort on rating upgrade Deep talk: President Joko "Jokowi" Widodo and Vice President Jusuf Kalla discuss ahead of a limited Cabinet meeting at the Presidential Office in Jakarta on March 29. (Antara/Puspa Perwitasari)

Even the most attractive packaging will do little to entice consumers who have previously been disappointed with the poor quality of a product.

Learning from this, the government pledged on Monday to capitalize on its recent success in fully regaining investment-grade status through continuous efforts to provide high-quality services to assist potential investors.

Speaking at a limited Cabinet meeting in Bogor, West Java, just three days after Standard and Poor’s (S&P) followed two other global rating agencies in awarding the influential investment rating to the country, President Joko “Jokowi” Widodo called on his officials to provide efficient and integrated services to help potential investors realize their investment commitments.

His message was crystal clear: Investor faith is earned, not given.

“Don’t let those who have already invested here become disillusioned because of our poor treatment, especially in matters related to permit issuance,” he said.

S&P Global Ratings lifted on Friday Indonesia’s sovereign rating to BBB- from BB+ with a stable outlook, based on assessments of the country’s improved budget and the economic and financial policy settings, which have become “more predictable.”

With the latest ratings upgrade from S&P, for the first time since the 1997 Asian financial crisis, Indonesia has all three major rating agencies — S&P, Fitch Ratings and Moody’s Investors Services — awarding the country an investment-grade rating.

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