Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, has expressed Indonesia's readiness to work with several African countries and help optimize their natural resources so that they can advance and develop their economies.

He made the statement at the “Special Ministerial-CEOs Meeting: Emerging Economies Cooperation” in Nusa Dua, Bali, on Thursday (November 17, 2022), which was attended by ministers and delegates from three African countries—the Democratic Republic of the Congo, the Republic of Rwanda, and the Republic of Senegal, as well as delegates from the African Union Development Agency (AUDA-NEPAD).

"Indonesia's economy is growing very fast, and we are quickly moving from exporting raw materials to developing value-added industries. Inspired by the Bandung Spirit and South-South Cooperation, we want to work together and help other developing countries strengthen their private sector to do the same thing," he said, according to a statement released in Jakarta on Friday.

In order to achieve a sustainable industrial base and mining industry, Indonesia is also supporting the development of new business models, new technologies and platforms, as well as infrastructure that supports the transformation to increase productivity, Pandjaitan added.

"Synergies in innovative financing for strategic industries and critical infrastructure are very important," he said.

While some government agencies may be lagging in terms of infrastructure development, many private global companies are looking for investment opportunities in infrastructure and strategic industries.

According to him, state-owned enterprises (BUMN) and the private sector will be interested in participating in all strategic projects by strengthening and expanding innovative mechanisms to facilitate public-private partnerships.

"We need public-private involvement and collaboration at every level to improve our competitiveness, prosperity, and future," the minister said.

Pandjaitan further said that developing countries must have independence and sovereignty in using and exploiting their natural resources in the right way.

"Which means that developing countries need to have the right to exercise their own discretion and optimize their natural abundance towards their own economic progress and development," he explained.

Meanwhile, the CEO of AUDA-NEPAD, Nardos Bekele-Thomas, highlighted the paradox of African development, which he described as “poverty amidst abundant wealth.”

He said he is hoping for mutually beneficial cooperation with southern countries to optimize the wealth of biodiversity.

The South-South Cooperation (KSS) is a cooperation scheme among developing countries, which is carried out through bilateral and multilateral means mutually.

Meanwhile, the Bandung Spirit, which emerged from the 1955 Asian-African Conference, refers to the spirit of peace highlighted by Asian-African leaders who attended the conference for resolving the problems of imperialism and competition between the West and East blocs.

Image source: ANTARA/HO Coordinating Ministry for Maritime Affairs and Investment

Source: https://en.antaranews.com/news/261081/indonesia-ready-to-help-african-nations-optimize-natural-resources