President Jokowi: US’s GSP Facility Expected to Lure Investment
Date 2 November 2020
The United States has announced it extends Generalized System of Preferences (GSP) facility for Indonesia following the US Secretary of State Mike Pompeo’s working visit to Jakarta last Thursday (29/10).
The GSP, the oldest and largest US trade preference program, facility allows Indonesian products to enter the US market more easily.
In response to this, President Joko “Jokowi” Widodo has called on his Cabinet to seize the opportunity to restore and improve investment conditions in Indonesia amidst pressure caused by the COVID-19 pandemic.
“This is an opportunity. The Government expects that the GSP facility will be able to boost Indonesia’s exports,” the President said at the Plenary Cabinet Meeting, Monday (11/2), at the State Palace, Jakarta.
The extension of the GSP facility, he added, could also be used to attract investment to Indonesia. “Investors who want to establish industries, factories, or companies in Indonesia will be more interested to invest in our country as we offer them the GSP facility to enter the US market,” said the President.
Regarding investment, the President continued, he has reminded Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan and Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia to maintain investment growth below minus five percent in the third quarter, but this has not yet been realized.
“Therefore, I order them to pursue the growth target in the fourth quarter this year and in the first quarter (January, February and March) next year,” he said. (FID / UN)
Translated by: Estu Widyamurti
Reviewed by: Muhardi