Jakarta. Indonesia is expected to have better chances of gaining access to investments should the country become part of the Organization for Economic Cooperation and Development (OECD), according to President Joko “Jokowi” Widodo.

Indonesia is currently applying for membership in the rich country club. The OECD -- which makes up 80 percent of global trade and investment -- is known for putting its candidate members through a rigorous review process. Interested countries are expected to make some domestic reforms to meet OECD’s standards on investment and environmental protection, to name a few. As Indonesia tries to keep up with what the OECD asks, Jokowi said that the process could eventually help Indonesia in securing new investments.

“We hope that a membership to the OECD can help Indonesia gain easier access to investments as well as international [financial] institutions that are beneficial for our people,” Jokowi said in Konawe, Southeast Sulawesi, on Tuesday.

“The OECD will provide concrete benefits for us, as it will save us from not being stuck in the middle-income trap and we can become an advanced economy. … Because there are many rules that we have to follow, and I think that would discipline us into becoming an advanced country,” Jokowi said.

The OECD officially declared Indonesia as a candidate member after the group gave Jakarta what it called the “accession roadmap” earlier this month. This roadmap lays out Indonesia’s membership process, which shows that it has to undergo strict technical reviews across many areas, including open trade and investment. There is no deadline on when Indonesia should finish the entire accession process, but gaining a seat at the OECD usually takes years. After completing the reviews, Indonesia will still need to get the green light from all of the group’s members. 

Although the accession process had just begun, Chief Economic Affairs Minister Airlangga Hartarto not long ago claimed that Indonesia had already earned the backing of the 38 OECD members. 

The Indonesian government also claimed that OECD Secretary-General Mathias Cormann would head to Indonesia later this month. Cormann is expected to meet Jokowi and President-elect Prabowo Subianto.

The Indonesian government wants to record Rp 1,650 trillion (around $102 billion) in combined domestic and foreign investments throughout 2024. As of the first quarter, Indonesia has already attracted investments worth Rp 401.5 trillion.