CMMA Luhut Binsar Panjaitan Lead Coordinating Meeting on Foreign Revenues in Yogyakarta on August 29 - Photo bY CMMA Office

JAKARTA (TheInsiderStories) – Overcoming the problem of the current account deficit (CAD) in the trade balance, Coordinating Minister for Maritime Affairs (CMMA) Luhut Binsar Panjaitan made eight decisions to boost exchange rates revenues from tourism sector.

In the meeting with several ministries, institutions and the Regional Government in Yogyakarta on Oct. 29, he targeted the foreign exchange revenues from tourism sector of US$17.6 billion in 2019 and $28.5 billion in 2024.

The number of foreign tourists itselfd is targeted at 25 million to 30 million in 2024 with the priority of Lake Toba in North Sumatera, Borobudur and Joglosemar in Central Java, Mandalika in Lombok, Labuan Bajo in West Nusa Tenggara, Bali, Jakarta, Banyuwangi and Bromo in West Java.

Regarding on financing access, it has been agreed that this year the CMMA will establish general provisions for People’s Business Credit in the tourism sector.

Related to the strengthening of connectivity, it was agreed that the status of Banyuwangi Airport would be designated as an international airport by the Ministry of Transportation.

In addition, the operation of Yogyakarta’s new airport is targeted to start in 2019, and the Ministry of Transportation will build a railway line that is connected to the airport.

Encouraging the tourism sector itself is a way to overcome the problem of the current account deficit, in addition to other policies pursued by the government, namely the use of 20 percent biodiesel mixture (B20), increased exports in the mining sector, and optimization of domestic industries.

Email: linda.silaen@theinsiderstories.com

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The Insider Stories Founder Linda Silaen has a solid, proven history, established over more than a decade as a journalist with a leading internasional news organization, of being the first with the biggest economic news stories in Indonesia. Specializing in corporate news, Linda is also a veteran of some of the biggest macroeconomic and general news stories as Indonesia rapidly transforms into a major market economy. One of the founders of the original blog from which this company developed, Linda’s knowledge of investors’ information communications and data us developed from unrivaled networking skills that make her a well-known name among CEOs, bankers, government officials and private equity investors both in Indonesia and other countries.

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