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Politicians on economic team raise eyebrows
Jokowi announced on Wednesday the composition of the Indonesia Onward Cabinet for his second term from 2019 to 2024 with several politicians and professionals having been assigned to hold positions on the economic team.
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Indonesia Onward Cabinet after the announcement on Wednesday. (JP/Seto Wardhana)
T
he appointments of several new people to hold positions in President Joko “Jokowi” Widodo’s economic team have raised concerns among economists and have left financial market players in the dark over their future policy directions despite a warm welcome from business players.
Jokowi announced on Wednesday the composition of the Indonesia Onward Cabinet for his second term from 2019 to 2024 with several politicians and professionals having been assigned to hold positions on the economic team.
The new economic team is to be led by respected coordinating ministers: Golkar Party chairman Airlangga Hartarto for economic affairs and retired Army general Luhut Pandjaitan for maritime affairs and investment.
Newcomers include National Awakening Party (PKB) politician Agus Suparmanto as trade minister, former Indonesian ambassador to Japan and longtime private sector executive Arifin Tasrif as energy and mineral resources minister and media mogul Erick Thohir as state-owned enterprises minister.
Leading efforts to promote “invest in Indonesia” to the world and to get domestic business players to expand is to be Investment Coordinating Board (BKPM) chairman Bahlil Lahadalia, who was formerly Association of Young Indonesian Businesspeople chairman from 2015 to 2019.
“I think the market players see that many unfamiliar names with more political backgrounds [are in the Cabinet],” said Trimegah Sekuritas Indonesia research head Sebastian Tobing on Wednesday. “They are not sure of what to do because they can’t see yet where these ministers’ policy directions will head.”
The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), ended Wednesday’s trading with a moderate increase of 0.52 percent, slightly higher than the rises booked on Monday and Tuesday when the President started to invite his ministerial hopefuls.
