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Jakarta Post

RI should avoid commodity price ‘rollercoaster’

  • Made Anthony Iswara

    The Jakarta Post

Jakarta   /   Wed, May 29 2019   /  12:19 am
Thomas Lembong (JP/Donny Fernando)(JP/Donny Fernando)

Thomas Lembong (JP/Donny Fernando)Investment Coordinating Board (BKPM) head Thomas Lembong has said Indonesia needs to boost investment in the downstream industry in the next five years in order to free itself from an intergenerational reliance on raw commodity-based exports that are prone to price swings.“We have to get off the commodity price rollercoaster,” Thomas said in an interview with The Jakarta Post at his office on Tuesday. He said Indonesia needed to promote the downstream industry so that it could export processed products from both the mining and agriculture sectors in order to achieve more price stability and gain greater added value from its exports. By doing so, Indonesia could reduce its current account deficit, which has continued to widen because of the country’s weak exports, he added.Indonesia’s current account deficit reached US$7 billion in the first quart...