Jakarta, Kominfo Newsroom - Indonesia controlled as much as 40 percent of the ASEAN digital economy market reaching USD 194 billion in 2022.
It was stated by Rizal Edwin, Expert Staff for Digital Transformation, Creativity, and Human Resources at the Coordinating Ministry for Economic Affairs. "In 2022, the value of ASEAN's digital economy reached USD 194 billion, where Indonesia controlled 40 percent of that value," he said at the Indonesia Retail Summit (IRS) 2023, in Jakarta, Monday, 14 August 2023.
According to Edwin, with a population of 679 million people or 8 percent of the total world population, ASEAN has a large and promising market potential for the business world, including retail.
The development of information and communication technology has also facilitated consumer access to products and services and created new business opportunities.
Moreover, the presence of e-Commerce, as well as online trading platforms, has changed the face of ASEAN retail.
"Increase in internet penetration and smartphone use has caused e-commerce to develop very rapidly and create new opportunities for entrepreneurs and business people in this region," he added.
On the other hand, the stable growth of ASEAN countries has also influenced the retail sector’s development.
"The economic growth of some ASEAN countries is above the world's average growth, which is 3.1 percent. Malaysia, Vietnam, the Philippines, Cambodia, Singapore, and Indonesia recorded growth in the range of 3.8 to 8.7 percent," he said.
Indonesia is also considered to have played a role in formulating international trade cooperation which has a significant impact.
A number of agreements, such as the ASEAN Free Trade Area, as well as the Comprehensive Economic Partnership Agreements (CEPA) with trading partner countries, have facilitated trade between countries.
Indonesia's digital economy is projected to reach USD 150 billion or the equivalent of Rp.2,333 trillion in 2025, so it has the potential to become an instrument capable of recovering the national economy. (Ade Irma Junida/Budisantoso Budiman/Elvira Inda Sari)
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Photo caption: Expert Staff for Digital Transformation, Creativity, and Human Resources at the Coordinating Ministry for Economic Affairs, Rizal Edwin, at the opening of Indonesia Retail Summit 2023, in Jakarta, Monday, 14 August 2023. ANTARA/Ade Irma Junida.