Indonesian presidential frontrunner has tough message for foreign business
PUBLISHED: 22 May 2014 15:56:27 | UPDATED: 22 May 2014 15:56:27
The Australian Financial Review
By Greg Earl
Indonesia s likely next president, Joko Widodo, has backed new incentives for natural gas development, continued restrictions on raw mineral exports and a new push to replace food
imports in the first insight into his probable economic policies.
Just days after choosing businessman and former vice-president Jusuf Kalla as his running mate for the July 9 presidential election, Mr Widodo has broken his silence on economic affairs in an
election commission document and newspaper article this week.
They suggest he will try to balance economic nationalist positions with more streamlined regulation processes and better infrastructure to boost competitiveness.
Mr Widodo, a former city governor, is forecast by opinion polls to win the July vote although the manoeuvring over the vice-presidential positions on the two competing tickets has weakened his
ability to fashion a parliamentary majority after the election.
Mr Widodo, who has no economic policy experience, wrote in Kompas newspaper at the weekend that the principles of liberalism were incompatible with the values of the Indonesian nation and it was time to take corrective action through a "mental revolution".
He said Indonesia should be trying to avoid dependence on investment and technology assistance from abroad and that natural resources had been drained from the country by foreign companies.Limits on bank sales
He said it was ironic that the country still relied on food imports and that it should be able to stand on its own two feet by moving towafood and energy security. But outside those
sectors Indonesia would continue to rely on trade to drive the economy.
In a lengthy policy document submitted to the Electoral Commission Mr Widodo s Indonesian Democracy Party of Struggle sways it will maintain the current policy that focuses on downstream processing and uphold the ban on raw mineral exports despite widespread criticism by foreign mining companies.
It backs greater economic independence by limits on sale of banks to foreigners, increased rice production, an end to conversion of farm land to industry and greater use of domestic coal and gas for electricity generation.
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