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Indonesia Economic Outlook 2024 Forum

2 October 2023

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Jakarta, 2 October 2023: Kajian Ekonomi dan Pembangunan Indonesia (Indonesian Economic and Development Studies – KANOPI) at the Faculty of Economics and Business, Universitas Indonesia, organised the Indonesia Economic Outlook (IEO) 2024 Forum, titled Reviving Indonesia’s Potential: Reinforcing Economy through Nickel Industry at the Mezzanine Ballroom, Aryaduta Hotel Menteng.

The forum featured Jiro Tominaga, Country Director Asian Development Bank (ADB) Indonesia, as a keynote speaker, who emphasised green as a new driver of growth, where in a world striving for net-zero emissions the process of global decarbonisation may substantially increase the need for Indonesia's rich resource reserves. This places Indonesia as a prospective leader in renewable energy, thanks to its abundance of these critical metals.

The panel discussion session was opened by the moderator, Dr Fithra Faisal Hastiadi from the Faculty of Economics and Business, Universitas Indonesia, and speakers included Dr Lili Yan Ing, Lead Advisor for Southeast Asia Region at the Economic Research Institute for ASEAN and South Asia (ERIA); Ahmad Ashov Birry, Program Director at Trend Asia Indonesia; Meidy Katrin Lengkey, General Secretary of Asosiasi Penambang Nikel Indonesia; and Solihin Kalla, Vice Chairman for Energy Resources at the Indonesian Chamber of Commerce and Industry (KADIN).

Dr Lili Yan Ing gave her thoughts on how local content requirements (LCRs) have not delivered the expected outcomes, with evidence from recent empirical studies, both at the national and firm-levels, showing no countries have achieved a substantial level of value added or employment generation through LCRs. In conclusion, she emphasised how governments should prioritise the development of comprehensive infrastructure, ensure access to public resources, promote fair competition, enhance public healthcare, deliver quality services, consider environmental concerns, and invest in education and skills development to promote public welfare.

The panel discussion was followed by a question-and-answer session, and concluded by a plaque handover and group photo.

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