Jakarta (VNA) – Indonesia can catch up with Chinaand India to emerge as a new economic force within five years, affirmed IndonesianCoordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan.

New economic power lies in China, India, he said at therecent national coordination meeting of Finance and Development SupervisoryAgency (BPKP) Internal Monitoring, expressing his belief that in the next fiveyears, Indonesia can become a new economic force as long as the country istruly consistent.

To achieve the target, the role of the BPKP in monitoring allministries, agencies, and regional units is crucial, he said. "So we allcan walk in the right corridor and play fairly, thereby also reducing thepossibility of corruption here and there," Pandjaitan was quoted by localmedia as saying.

He said he is confident that Indonesia can catch up with China and India afterlearning from the developing industrial policy, which is apparent in theprotectionist stance adopted by developing countries - something that used toonly be carried out by developed countries.

The Indonesian official also highlighted many companies' readiness to mitigatethe concentration risk and impacts that could arise from areas experiencingconflicts.

He explained that China and India managed to become new economic forces becausethe two states increased their defense budget and tapped into their growingeconomic potential by making foreign affairs policies that could meet domesticneeds.

The minister said that Indonesia can benefit from the changes in global supplychains on account of the complex geopolitical situation. He cited the exampleof Taiwan (China), which has a major role in global chip supply anddistribution. However, with the ever-increasing tension, the US intends todecrease its dependence on imports and push for more domestic chip production,he said./.