Indonesia’s Minister of Trade Muhammad Lutfi. (Photo: Antara) Indonesia faces new challenges in entering the global valuesupply chain in order to create prosperity, said Lutfi atthe "World Expos and International Cooperation as a Driver of SustainableGlobal Development" and "EAEU-ASEAN Business Dialogue” at the StPetersburg International Economic Forum (SPIEF).
He noted that Indonesia was upgraded to an upper-middle economy in2018, but it is facing new challenges. Before its demographicbonus runs out in 2038, Indonesia must be able to triple per capita income toaround 12,500 USD per year, he said. Otherwise, the country will be stuck inthe middle-income trap.
With the potential of a young population, Indonesia needsstrong economic actors to become a developed country in 2045, said Lutfi.
He said Indonesia took two major steps, namely increasinginvestment in infrastructure and encouraging technology transfer. Other ASEANmember countries have also taken similar moves.
Indonesia is committed to mutually developing tradeand investment with EAEU countries, he said, adding “we are also committed to fair andmutually beneficial trade.”/.
VNA
