INDONESIA FORMULATES SCHEMES TO REDUCE IMPORTS
Last Updated: 2018-07-12
Decrease Font Size Increase Font Size

JAKARTA, Indonesia July 12 (NNN-Xinhua) -- Indonesia's related institutions are now formulating the needs of several industries to reduce imports which have been increasing in the last few months, an Indonesian minister said here on Wednesday.

The import-reduction formulas would, among others, be applied in manufactures in food and beverage, rubber, textile and electronics industries, Indonesian Finance Minister Sri Mulyani said.

"We would formulate the actual needs of the respective industry. The aim was to reduce imports in middle and long hauls, so as to make us less-depended on imports and spurs exports as well," she said.

The formulas would be suited with the situation faced by each industry as they have their different issues to run their businesses, she added.

Different approaches would be used to allow those industries to import supporting materials for their productions, particularly for export goods, the minister said.

She added the new formulas would be arranged by her ministry's taxation directorate general, customs office and fiscal policy agency.

The formula would also involve national export and import financing institutions to support the technical aspects as well as providing warranties for their export and import activities.

Indonesia posted 17.64 billion U.S. dollars of imports in May this year, 28.12 percent higher than in the corresponding period last year and 9.17 percent higher than a month earlier, according to Indonesia's statistics bureau. -- NNN-XINHUA