President Prabowo Unveils Indonesia’s People-Focused Economic Vision at SPIEF 2025

President Prabowo Subianto delivers his keynote address at the St. Petersburg International Economic Forum (SPIEF) 2025, held at the ExpoForum Convention and Exhibition Center, St. Petersburg, Russia, Friday (06/20). (Photo by: BPMI of Presidential Secretariat)

President Prabowo Subianto Friday (06/21) delivered a keynote address at the St. Petersburg International Economic Forum (SPIEF) 2025, held at the ExpoForum Convention and Exhibition Center, St. Petersburg, Russia.

In his remarks, President Prabowo emphasized Indonesia’s commitment to a people-centered economic policy.

The President also addressed four key priorities of his administration, including achieving food self-sufficiency, energy self-sufficiency, improving education quality, and speeding up national industrialization.

He further stressed that natural resources must be managed prudently and criticized the strong influence of neoliberal economic policies that have shaped many countries in Southeast Asia, including Indonesia.

“For the past 30 years, we have seen neoliberal and free-market thinking dominate. Many elites in Indonesia followed this approach, but it has failed to give fair opportunities for everyone,” President Prabowo said.

Although Indonesia’s economic growth has reached an average of 5 percent per year over the past seven years, President Prabowo said that the benefits are still not distributed fairly.

To that end, according to the President, each country must create its own economic model based on its culture and values.

“We choose a middle way. We will still use the creativity and innovation of capitalism,” he added.

The Head of State also underlined the importance of state involvement to reduce poverty and protect vulnerable groups.

He warned that countries like Indonesia must be careful of state capture, a situation where large business interests control government decisions with the help of political elites that ultimately hinders equitable development.

In addition, President Prabowo reiterated that such collusion fails to reduce poverty or grow the middle class.

As a response, he said, Indonesia has adopted a straightforward yet impactful economic principle: delivering the greatest benefit to the greatest number of people.

“Our Government must serve the greatest good for the greatest number of people. To achieve this, we need a clean administration, free from corruption. I believe this is the key to fast and sustainable development,” the President remarked. (BPMI of Presidential Secretariat) (RIF/MUR)