The US-ASEAN Business Council (USABC), in collaboration with the University of Indonesia’s Institute for Economic and Community Research (LPEM UI), has released a comprehensive report titled "Navigating Opportunities: Nurturing Dynamic Economic Policies in Indonesia." This report offers strategic recommendations for President Prabowo Subianto's administration to bolster Indonesia's economic growth across seven pivotal sectors.

1. Information and Communication Technology (ICT):

Indonesia's digital economy has experienced remarkable growth, expanding by 400% between 2017 and 2021. To sustain this momentum, the USABC advises the Prabowo administration to invest in enhancing digital infrastructure and data governance. Attracting companies to establish data centers, telecommunications infrastructure, and artificial intelligence models in Indonesia is crucial. Additionally, creating a more business-friendly regulatory environment is essential to encourage foreign investment and foster the ICT sector's growth.

2. Tourism:

While Bali remains a popular destination, many of Indonesia's other travel spots remain underexplored. The USABC suggests that diversifying tourism by improving infrastructure in secondary destinations and fostering collaboration between communities and the private sector can unlock Indonesia's potential as a tourism powerhouse. Prioritizing investments in these areas over the next five years is recommended to accelerate the tourism transformation.

3. Trade Facilitation:

Indonesia's ambition to become a trading powerhouse has been hindered by protectionist policies and excessive regulations. The USABC recommends that the Prabowo administration revisit Regulations 31 and 36 issued by the Ministry of Trade in 2023, which have complicated import policies and trade restrictions for foreign investors. Simplifying import administration and processing times is vital to attract foreign direct investment and position Indonesia as a trade-friendly nation.

4. Healthcare:

Investing in the healthcare sector is vital for improving public health and attracting international partnerships. The USABC emphasizes the importance of enhancing healthcare infrastructure, promoting innovation, and ensuring equitable access to medical services. Collaborations with international entities can bring advanced technologies and expertise to Indonesia's healthcare system.

5. Energy and Renewable Resources:

Transitioning to renewable energy sources is essential for sustainable economic development. The USABC advises the Prabowo administration to focus on developing clean energy projects, implementing supportive policies, and attracting investments in the renewable energy sector. This approach will not only address environmental concerns but also create new economic opportunities.

6. Food and Agriculture:

Enhancing the food and agriculture sector can ensure food security and stimulate economic growth. The USABC recommends modernizing agricultural practices, investing in research and development, and promoting sustainable farming techniques. Strengthening this sector can also open avenues for export and international trade.

7. Film and Entertainment:

Indonesia's rich cultural heritage offers significant potential in the film and entertainment industry. The USABC suggests that the Prabowo administration support the creative economy by providing incentives, improving intellectual property rights protection, and fostering collaborations with international media companies. Developing this sector can boost tourism and enhance Indonesia's global cultural presence.

By focusing on these strategic sectors, the Prabowo administration can unlock Indonesia's economic potential, fostering innovation, resilience, and growth. These efforts will not only benefit Indonesia but also strengthen economic ties across the ASEAN region.