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ECN 802 (9)

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ECN 802
Sabrina Malik

Indonesia chapter 14Economic PerformanceEarly YearsA major oil producerGovernment played a major role in directing resourcesFive year plansAchieved a growth rate of 6 paEvents after 1980Liberalization program startedEmphasis on reducing the role of government Swiss inspection agencies used to determine duties on imported itemsIdea was to reduce the corruption of government officialsRestrictions on inward foreign investments relaxed From 209 items to only 20 itemsFinancial sector reformsBanks were no longer required to subsidize loans to favoured enterprises and sectorsAllowed new private banksexport licenses still existSale of loss making state enterprisesIn July 1989 17 companies offered for sale under the privatization programBanks Steel Oil and pharmaceuticals Suhartos sons had extensive business dealingsNon profit foundations owned by friends relatives and family members of president SuhartoThe reform immediately led to an increase in foreign direct investment FDIFDI was 90 billion in 1990Japan S Korea Hong Kong were major foreign investors in Indonesia
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