Bandung - Acting Governor of West Java, Bey Machmudin revealed the wealth of both natural and human resources in his area. In front of investors at 'The 6th West Java Investment Summit 2024: Unleashing West Java Investment, Catalyst for Growth', Bey began by explaining the economic conditions in the second quarter of 2024 in West Java which are still relatively stable with a growth rate of 4.95 percent from 2024. to year.

"Economic stability is supported by the investment sector with growth of 1.40%. There was an increase in investment realization between the first semester of 2023 and the first semester of 2024, which is directly proportional to the increase in labor absorption," said Bey in his speech before the audience in English, Thursday (19/9/2024) at The Trans Luxury Hotel Bandung.

In addition, West Java is directed as a center for cutting-edge industrial innovation and global STEAM education, as well as a pillar of national food security. This has resulted in a large number of high-tech foreign investments in West Java.

Investment in West Java, the future, is directed as a driving force in encouraging economic transformation to get out of the middle class trap (middle income trap). This is done by improving the investment climate, increasing the quality and competency of the workforce.

"With foreign investment in West Java largely driven by high-tech industries, it is critical for the local workforce to prepare for the future and embrace new skills for a technology-driven economy," said Bey.

Three Visions for West Java in 2045

He also revealed that there are three visions for West Java in 2045, namely having the highest level of progress and development compared to other provinces, having an advantage at world level in various aspects, and being able to ensure the preservation of natural resources and environmental quality with good governance in the long term. long.

Bey also mentioned the continuation of new industrial city projects in the Rebana area that are ready to be launched, namely Cipali New Industrial Zone in Subang and Kertajati Aerotropolis in Majalengka. The West Java Provincial Government seems quite confident in the investor meeting agenda, by showing off 170 potential investments, 40 projects ready to be offered, and 37 existing project exhibitions.

"We from the West Java Provincial government certainly express our gratitude and welcome to investors. Our target in this West Java Investment Summit is the targeted investment of IDR 117.6 trillion from a total of 40 projects being offered," said Bey.

This agenda also saw the moment of four signing agreements, namely between the Sukabumi Regency Government and CV Menata Citra Selaras, PT Tirta Gemah Ripah and PT Tigalapan Investama Group, PT Migas Utama West Java and PT Subang Energi Abadi, as well as the West Java Provincial Government Secretariat and PT Hyundai Motor Manufacturing Indonesia. Apart from that, there were also awards in five regions as Best Investment Challenge.

The Best Investment Project for the National Strategic Program was won by Subang Regency, the Best Investment Project for Basic Needs & Social Welfare was won by Purwakarta Regency, the Best Investment Project for Inflation Control was won by Sukabumi Regency, the Best Investment Project for Downstream Local Economy was won by Ciamis Regency, and the Best Investment Project for Regional tourism was achieved by Garut Regency.

"Earlier, for example, when the MoU was signed, there were several technological improvements, such as in Sukabumi, the increase in rice productivity was worth 1.5 trillion. So we encourage investment to go to West Java, because only with investment can we open jobs and also increase economic growth in West Java," Bey hoped.

So far, according to Bey, investor interest has been very good. He also seems optimistic that more foreign companies will invest in West Java, one of which is an automotive company from Vietnam. Not to mention various other countries outside the Asian continent.

"I see that they are interested. Some are already convinced that they will invest from Vietnam, VinFast will be produced next year, it's an electric vehicle, so several areas such as Subang, Karawang and also BIJB Aerocity have started land acquisition of 1,600 hectares. So "Yes, for Kertajati there has been investment. So far, Japan, South Korea, China, Singapore, UAE, Australia, the Netherlands, Tanzania, Poland and Angola are interested," said Bey.

On the other hand, Head of Bank Indonesia West Java Province Representative, Muhammad Nur said that this agenda was held regularly to attract and provide knowledge to potential investors. Everything was done for the sake of developing West Java Province.

"Thank God, today we have opened our 6th WJIS activity in 2024, and there are quite a lot of projects on offer. The most important thing is that at the opening alone we already have 5 MoUs, later there will also be one on one meetings. Process "We have always collaborated with the ranks, through various activities, and we have also carried out something called an investment challenge," he said.

"Hopefully we will be better prepared for the next event. So that later more investors will be able to realize the investments we have offered. So this is a very good collaboration and we hope this will continue to encourage economic growth in West Java Province," added Nur.

Also present on the agenda was the Deputy for Investment Promotion at the Ministry of Investment, Saribua Siahaan. He, representing the central government, admitted that he was happy with the investor meeting to find out the potential in West Java.

According to him, investors who come must be made easier and welcomed for the sake of the progress of West Java. Saribua also revealed that West Java is one of the places most favored by investors.

"One of the ways the government convinces investors is through investment project ready to report. This means that when he is interested in a project, he can already calculate how much he actually wants to invest, what the IRR is, and how long it will take to develop. So that is "One certainty for investors before he decides, okay, I will invest in this sector, the location is here," said Saribua.

"So this is the development of the best destination. It is proven that investment in West Java, especially Japan, is very large. 80% of investment from Japan is in West Java. So our collaboration between investment and West Java, the sociality of this capital receipt is very- very good," added Saribua.

(SOURCE)