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Widodo, who was elected president six months ago
amid hopes that he would bring much-needed reform to Asia's
fifth-largest economy, has come under fire recently for failing
to deliver radical change and a series of policy reversals.
Addressing a World Economic Forum meeting in Jakarta, he
conceded that Indonesia now faced significant challenges, and
compared them to the country's over-reliance on crude oil
exports when oil prices crashed after the 1970s boom.
"Today we are in the same situation," he said, referring to the
push needed after the collapse of oil prices to build industries
from textiles and garments to paper and palm oil.
"Commodity prices have crashed. Our currency has been hit. But
let me tell you, we have done it before and we shall do it
again."
He said the Indonesian economy now needed to shift from
consumption to production and to investment in infrastructure,
industry and human capital.
The president wants to raise growth in Southeast Asia's largest
economy to 5.7 percent this year from 5.02 percent in 2014, and
attain 7 percent growth on average in his five-year tenure.
Widodo, making a rare speech in English at the start of a week
during which Jakarta will also host an Asia-Africa Conference,
said he had told his cabinet ministers to be honest about their
challenges.
"Please come and invest in Indonesia. Because where we see
challenges, I see opportunity," he said. "And if you have any
problem, call me."
(Reporting by Fransiska Nangoy; Editing by Nick Macfie)
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