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Wednesday, 18 Jul 2018

Sri Mulyani gave an explanation about the impact of US trade policies to the economic sector of Indonesia

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Sri MulyaniSri Mulyani

News24xx.com - Ongoing trade war on US-issued policies against China, the Indonesian government says there will be some sectors that are affected.

Mentioned by Finance Minister, Sri Mulyani that the government is currently mapping sector in each ministry to overcome the impact of ongoing trade war.

"With the policy, there are the potential implications in the commodity sector that will be affected by the policy" Sri Mulyani said at the House of Representatives building on Tuesday, July 10th 2018.

Sri Mulyani said the mapping was done by the Ministry of Finance together with related ministries, such as the Ministry of Trade, Ministry of Industry, and the Ministry of Energy and Mineral Resources.

According to Sri Mulyani, the Ministry of Commerce conveys a map of the so-called US trade policy to other countries, including China, Europe, Canada and potential to Indonesia.

Then from the Ministry of Industry to identify the manufacturing industry that has been considered to have the potential to be increased export capability and reduced imports.

That way, according to Sri Mulyani, can create an external balance of balance of payments. Where the balance will support Indonesia's more sustainable economic growth.

"Therefore, it is then identified what industries and policy policy form can be taken to improve the productivity and competitiveness of the industry" said Sri Mulyani.

According to the Minister, the policy will depend on each industry. Starting from the food and beverage industry, textile, rubber, electronics, and chemistry because everything has a variety of different needs. These industries require a policy that is in the domain of the Ministry of Finance.

MoF also has the authority as related to the import of raw materials, import duties or related to export duties. Incentives are given so that they can export more competitively.

"Then there are also various tax-related policies such as VAT refunds mainly relating to imported raw materials where this happens in some industries such as the textile food industry" explained Sri Mulyani.

 

 

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