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Yudhoyono: Economy to expand 6% amidst reforms JAKARTA - Indonesian President Susilo Bambang Yudhoyono said he’s targeting 6% growth in the economy this year as he pledges more reforms to draw investors into projects from biofuel to infrastructure and housing.

The Indonesian leader said reforms are under way to improve the country’s taxation system, law and order, handling of labour disputes and political stability to boost confidence among investors. He’s also planning to relegate more authority to local governments, he said on Sunday in Singapore. ‘‘Our mission is continuing to build a better climate for doing business in and with Indonesia,’’ he said in a speech today to about 70 business leaders.

‘‘That’s my task and my obligation.’’ Southeast Asia’s largest economy is opening up to investors more industries and its market of 238 million people, the world’s fourth-most-populous, to provide a boost to the country, especially the poorer rural areas. Yudhoyono’s growth target for the year is slightly higher than Indonesia’s parliament’s estimate of 5.8% this year, and the government’s official forecast of 5.9%.

Last month, Indonesia’s credit rating was raised one level by Standard & Poor’s after the government reined in debt and attracted more foreign investment. Standard & Poor’s lifted Indonesia’s long-term foreign currency debt rating to BB-, three steps below investment grade and the highest since the country emerged from the 1998 Asian financial crisis.

Business leaders in Singapore, such as James Kong, chief executive officer of CIBA Vision Asian Manufacturing and Logistics Pte, a unit of drugmaker Novartis AG’s contact lens manufacturer, raised concerns that it’s been difficult resolving labour disputes. The company has a plant in Batam, a special economic zone about an hour’s ferry ride from Singapore.



Posted in Economy @ 07 August 2006 15:39 CET by Jeroen · 'Blog' RSS feed · permalink






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