Indonesia aims to attract over 108 billion USD in investment in 2024

Illustrative photo. Indonesian President Joko Widodo has asked for boosting the development of the domestic electric vehicle industry. (Photo: VNA)

Jakarta (VNA) – Coordinating Minister for Economic Affairs, Airlangga Hartarto said that the Indonesian Government has set a goal to attract 1,650 trillion IDR (over 108 billion USD) in investment in 2024.

Speaking after the meeting on the “2024 Macroeconomic Framework (KEM) and Points of Fiscal Policy (PPKF)” on February 20, Airlangga said that the government will strive to boost incoming investment through various efforts and following some regulations, including the Government Regulation in Lieu of Law (Perppu) Number 2 of 2022 regarding job creation.

The Indonesian Government will also accelerate the downstream of Indonesia’s natural resources to spur the national economy.

According to the coordinating minister, President Joko Widodo (Jokowi) has also asked for boosting the development of the domestic electric vehicle industry.

Airlangga said that the President expects Indonesia will create an electric vehicle ecosystem and not just focus on manufacturing raw materials for electric vehicle batteries, such as cathodes or precursors.

Through that attempt, Indonesia can compete with Thailand and other countries in developing the electric vehicle industry.

During the meeting on February 20, the government determined macroeconomic assumptions for 2024, including economic growth of 5.3 - 5.7%, an inflation rate of 1.5 to 3.5%, and 10-year Government Securities (SBN) interest rate of 6.5-7.4% per year.

Regarding human development, the country target to reduce the poverty rate by 6.5 -7.5%, and an unemployment rate of 3.6 - 4.3%./.