Indonesia hopes to solve trade deficit problem in 2022
Indonesian President Joko Widodo has expressed his optimism that the country’s current account deficit and trade balance could be addressed within three years.
Indonesian President Joko Widodo has expressed his optimism that the country’s current account deficit and trade balance could be addressed within three years. (Photo: tempo.co)
Jakarta (VNA) - Indonesian President Joko Widodo has expressed hisoptimism that the country’s current account deficit and trade balance could be addressedwithin three years.
Opening an event of the Indonesian Mining Association on November 20, thePresident said the country is focusing on the downstream andindustrialisation programmes in the mining sector.
“If we are focused onthe downstream and industrialisation, finished and semi-finished goods, Ibelieve that in no longer than three years, all deficit issues can beresolved,” said he.
Joko Widodo reiterated that the mining exports substantially contributed to thecountry’s trade balance. But as a result, the domestic economy became dependentdeeply on it.
Therefore, he called on businesses to no longer export raw materials, butprocess it first into ready-to-use or semi-finished products, thus gaininghigher added value and generating more jobs for locals.
The President said he believes that Indonesia could trim the trade deficitshould it only focuses on the downstream and industrialization programmes ofone commodity, such as nickel.
“Indonesia could immediately wipe out deficit as long as it is capable ofprocessing other mining commodities, for instance, processing coal into LPG,methanol, until petrochemicals,” he noted./.
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Indonesian President Joko Widodo has expressed his optimism that the country’s current account deficit and trade balance could be addressed within three years. (Photo: tempo.co) 
