Indonesia pushes economic revitalization cooperation at IMT-GT meeting
Published on: Sunday September 18, 2022
From: Antara News
Jakarta: Indonesia’s Ministry of Industry emphasized cooperation to promote economic recovery at the 8th Indonesia-Malaysia-Thailand Growth Triangle Meeting (IMT-GT) held on September 15-16, 2022 in Phuket, Thailand. “Currently, the world is in the midst of a ‘perfect storm’ encompassing the 5Cs, namely Covid-19, climate change, conflict, resource shortages and cost of living shock,” Industry Minister Agus Gumiwang Kartasasmita said in a statement received here. The IMT-GT is a joint forum aimed at accelerating economic cooperation and synergy between the three countries.
The minister said that the three members of the IMT-GT have faced major challenges during the pandemic, but each of them has managed to survive and recover stronger. However, global economic growth has weakened significantly. Developed countries are currently facing an energy crisis and high inflation. In addition, extreme weather conditions and the Russia-Ukraine conflict have impacted global energy and food prices. To overcome the impact of global conditions, the three IMT-GT members need to build a healthy and safe collaborative ecosystem as well as regional connection, noted Kartasasmita. “IMT-GT, as a forum for regional cooperation, must also be adaptable and vigilant to the development of geopolitical situations, especially the Russia-Ukraine conflict, which can trigger crises in various areas,” he added.
Two main agendas were discussed at the two-day meeting, namely the development of programs for post-pandemic economic recovery and the promotion of sub-regional sustainable efforts, including the follow-up to the IMT-GT Sustainable Urban Development Framework (SUDF). One of the focal points of the economic stimulus programs is the tourism sector. Indonesia has committed to building the resilience of the tourism sector to help restore the Indonesia-Malaysia-Thailand sub-region. “The revitalization of the tourism sector also directly affects the growth of MSME (micro, small and medium-sized enterprises) or ISM (small and medium-sized industries), so a recovery strategy should be worked out together,” the minister explained. He suggested that holding the IMT-GT Visiting Year, which is part of a joint effort to revitalize the IMT-GT tourism industry, should be held in 2024-2025 to also celebrate the 30th anniversary of the IMT-GT cooperation . He also underlined the importance of accelerating the implementation of the SUDF in order to achieve the framework’s objective. “We also propose to integrate each country’s national policy on sustainable urban development into the SUDF,” he added.
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