Bandung, West Java (ANTARA) - The ability to maintain investment performance was a factor in West Java’s 5.45 percent year-on-year (yoy) economic growth in 2022, according to Bank Indonesia (BI). “West Java’s investment realization in 2022 stood at Rp174.58 trillion (US$11.50 billion). This investment realization achievement has reached 103.14 percent, or surpassed the national target of Rp169.27 trillion (US$11.15 billion),” Deputy Head of the West Java Representative Office of BI Bambang Pramono said when contacted on Tuesday.
Under the administration of Governor Ridwan Kamil, West Java was able to record good economic growth, he noted. Based on data from Statistics Indonesia (BPS), West Java’s economy in 2022 improved and grew significantly compared to 2021.
Amid the geopolitical situation that hampered the global economy and the increase in fuel prices, West Java’s economic growth in 2022 reached 5.45 percent, higher than the previous year, when it was recorded at 3.74 percent.
According to Pramono, the 5.45 percent growth has been the highest on record for Java island. "Even higher than the national economy, which grew by 5.31 percent (yoy)," he added.
He said that Governor Kamil's commitment to investment can be seen from his efforts to cooperate with stakeholders, including BI, to boost investment promotion amid the COVID-19 pandemic and global economic uncertainty.
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"Thus, the promotion efforts are supported by a mapping of investment potential accompanied by the 'climate' of ease of doing business in West Java. The policy is also supported by stakeholders, project owners who provide investment commitments that are ready to be offered," he explained. "In terms of human resources, West Java is also supported by quality human resources. The infrastructure is also far more ready compared to other provinces," he added.
He noted that, in line with the achievement of economic growth, the poverty rate in the province declined from 8.06 percent in March 2022 to 7.98 percent in September 2022. The decline in the poverty rate was the result of economic recovery, supported by the increased role of small and medium enterprises (SMEs) and the subsidy assistance provided to workers in 2022.
