we go into 2021, the general sentiment is

optimistic and that the global economy will be

on track to recovery once the vaccines become
available to the general population. Many countries
have already forecasted post-pandemic growth in
anticipation of the pandemic coming under control.
Indonesia’s economy is expected to grow at the
pre-pandemic rate with the return of domestic
consumption, bolstered by higher government
spending and foreign investments. The government
is already committed to maintain the cost of basic
necessities as part the social protection programs
under PEN. Many welcomed the government’s
recent effort to boost foreign investments to create
more jobs in Indonesia.
However, uncertainties remain as we transit into
post-pandemic recovery. The uneven pace of
recovery for different economies as well as across
industry sectors will upset plans and frustrate
supply chains. In such an erratic environment,
prices of commodities, such as wheat, skimmed
milk powder and crude palm oil, will remain volatile,
and together with the fluctuating rupiah exchange
rate, will add to the variability in our cost structure.
However these risks are not new to ICBP, and we
have planned for such periods of uncertainty.
During the year, the Board of Commissioners
(“BOC”) and the Board of Directors (“BOD”) have
met regularly to deliberate on company policies,
strategies and key issues. On behalf of the BOC, I
would like to commend the BOD for the excellent
teamwork putting in place effective strategies to
cope with the unprecedented global crisis. The
BOD has not only steered ICBP towards growth and
profitability during a difficult year and amid intense
competition, it has done so while adhering to
good corporate governance (“GCG”) practices andbawah PEN. Banyak pihak
juga menyambut baik upaya pemerintah baru-baru
ini untuk meningkatkan investasi asing dimana
hal ini diharapkan akan menciptakan lebih banyak
lapangan pekerjaan di Indonesia.
Namun demikian, ketidakpastian akan tetap ada di
masa peralihan menuju pemulihan pasca pandemi.
Laju pemulihan yang tidak merata di berbagai negara
maupun sektor, akan menimbulkan gangguan mata
rantai pasokan. Di tengah kondisi yang tidak menentu
ini, harga komoditas seperti gandum, skimmed
milk powder dan minyak kelapa sawit, akan terus
bergejolak. Ditambah dengan fluktuasi nilai tukar
rupiah, hal ini akan mempengaruhi struktur biaya
perusahaan. Namun risiko ini bukanlah sesuatu yang
baru bagi ICBP, dan kami telah memperkirakannya.
Di sepanjang tahun 2020, Dewan Komisaris dan
Direksi melakukan pertemuan berkala untuk