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from Asian Development Bank (ADB) Economic Analysis:
"To become a high-income economy by 2045, Indonesia needs its economy to grow faster than 5% annually. A joint study by ADB and the Ministry of Finance indicates that adoption of new technologies could add 0.55 percentage points to annual average GDP growth over the next 2 decades, pushing Indonesia’s economy into the high-income group. Digital transformation particularly has the potential to increase productivity.
"Indonesia has taken significant steps to support its science, technology, and innovation system."
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The Indonesian economy grew by 5.72 percent in the third quarter of the year compared to the same period of 2021, the Central Statistics Agency (BPS) announced on Monday.
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As of August 2023, Indonesian government has disbursed funds totaling Rp 37 trillion (US$2.4 billion) for food security programs. Indonesian venture capital (VC) firms are turning their attention to agriculture and food start-ups as the global confluence of the El Niño climate phenomenon and growing protectionism put pressure on food supplies.
VC firms saw start-ups in agriculture, farming, fisheries and related industries as potential targets for investment in 2024. He also pointed out that the rise of climate technology and energy tech start-ups, though nascent in Indonesia, also reflected this broader trend, adding that today’s climate condition is squeezing global food systems, leading to hunger, malnutrition and economic stresses.Food sustainability is now a big theme.
Indonesia witnessed its own agrifood tech boom in 2022, attracting US$376.75 million in private funding. The industry is “highly fragmented for business to business [B2B] buyers”, aligned with its pursuit of profitability.
Read more: Indonesian VC Turning attention to agriculture and food start-ups
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"Indonesia must increase quality of agricultural products to enter international market"
Indonesia is one of the world’s largest producers and exporters of agricultural products, supplying important commodities such as palm oil, natural rubber, cocoa, coffee, rice, and spices to the rest of the world.