JAKARTA, Oct. 6 (Xinhua) -- Indonesian President Susilo Bambang Yudhoyono Monday urged domestic and foreign business players to further develop the domestic market amid the U.S.-led growing crisis, which he said would have a significant impact on the global demand for Indonesian products.

    "Let us exploit our domestic economy. We must expand our domestic market," The Jakarta Post quoted him as saying on its website.

    According to the President, Indonesia will take a series of measures to boost domestic expansion, namely increasing consumption of domestically produced raw materials and goods, reducing dependency on imports to maintain a healthy balance of payments, and demanding all government departments to focus their expenditure on growth-supporting sectors and to rely on domestic products.

    He also planned to issue an incentive-disincentive scheme to promote consumption of domestic products.

    The President made the speech at noon after the special cabinet meeting on the financial crisis issue. He appealed to market players not to panic about the crisis, which he said would not lead the country to see a repeat of the financial crisis in 1997, as all the fundamentals looked solid and there was clear potential for domestic market expansion.