Ambassador Sung Y. Kim delivered opening remarks at the annual U.S.-Indonesia Investment Summit organized by AmCham Indonesia and the U.S. Chamber of Commerce on October 24 in Jakarta. The 11th annual U.S.-Indonesia Investment Summit – Mapping the Legacy, Navigating the Future – focused on President Widodo’s legacy on economic policies, noting the lessons learned from the successes and challenges faced during his tenure, and offered insights on future economic policies in anticipation of the 2024 presidential election. The summit fostered discussions between leading U.S. companies, prominent ministers from the current administration, experts, U.S. Government representatives, and major players in the 2024 political landscape.
Selamat pagi, and good morning. Selamat datang di Jakarta to our guests who have come from the United States and elsewhere in the region. First, I would like to recognize the remarkable leadership of Coordinating Minister Airlangga, Vice Minister Mansury, and Chairwoman Shinta Kamdani, here with us this morning. We are privileged to work alongside all of you. We are also privileged to hear from some of the presidential candidates today. Govenor Ganjar Pranowo is here – we look forward to hearing from him shortly. I understand that Govenor Anies Baswedan and Minister Prabowo Subianto will be speaking at sessions later today. I also want to thank Minister Sri Mulyani, Minister Sandiaga Uno, and Ambassador Rosan Roeslani, who will also be speaking at sessions later today, for their leadership and support.
Doug [Ramage] and John [Goyer], as always, it’s a pleasure to be here with you and your outstanding teams. Thank you for your longstanding dedication and support of the bilateral relationship. And a heartfelt thank you to Lin Neuman for his outstanding service to the U.S. business community here in Indonesia. We wish him all the best as he moves on to new opportunities.
In the last few years, we have made so much progress, and this forum, could not have come at a better time. 2024 will mark the 75th anniversary of U.S. -Indonesia diplomatic relations and be an opportunity to both highlight our past achievements and to look forward to the next 75 years of U.S.-Indonesia ties.
The theme of today’s summit both exemplifies the progress we’ve made and highlights the untapped potential we have yet to realize. Our relationship has undergone significant growth across a range of areas during President Jokowi’s administration and during my three-year tenure as U.S. Ambassador.
We’ve witnessed an almost 50 percent surge in two-way trade, with the United States becoming become Indonesia’s fifth-largest investor. The United States now stands as Indonesia’s second-largest export market. These indicators signal a deepening economic partnership. Under President Jokowi’s leadership, Indonesia has made important legislative reforms through the Omnibus Job Creation Law and the Omnibus Health Law to streamline regulatory processes and to attract foreign investment.
President Jokowi was also the steward of Indonesia’s successful engagements as host of the G20 in 2022 and host of the ASEAN and East Asia Summits this year. Some of our most pivotal initiatives were launched within the past year. The Indo-Pacific Economic Framework (IPEF) and the Just Energy Transition Partnership (JETP) which will be platforms of collaboration that have the ability to transform the economic and environmental landscape.
IPEF is a first-of-its-kind regional economic framework that addresses critical priorities, such as supply chain resilience, trade facilitation, and clean energy transition. With 60 percent of the world’s population, the Indo-Pacific region is projected to be the largest contributor to global growth over the next 30 years. IPEF partners envision a more robust trade and investment environment that will spur economic growth, job creation, and innovation across the Indo-Pacific.
Similarly, the Just Energy Transition Partnership (JETP) stands as another cornerstone of our collaborative efforts. This landmark $20 billion initiative is committed to assisting Indonesia in achieving its ambitious climate goals and transitioning towards clean, renewable energy sources. The United States and the International Partners Group view our financial support under the JETP as a down payment on Indonesia’s transition, particularly as Indonesia establishes its path through the Comprehensive Investment and Policy Plan (CIPP) to enhance the enabling environment to attract private investment at scale to support the transition.
I’m proud to have witnessed these achievements. Yet there is still a lot of potential to realize. We commend Indonesia’s strides in enacting regulatory reforms that encourage economic growth. These steps will not only attract private sector expertise and resources from the United States but also foster transparent, clean, and sustainable growth.
The United States – our government, our companies, and our people – stand ready to expand our economic relationship with Indonesia. We are grateful to have been partners with Indonesia over the past 75 years. We look forward to continued cooperation to create an environment that maximizes the shared potential of our people and businesses to achieve even greater success in the years to come. Thank you.