Category Archives: Development

Indonesia leading country in ASEAN food security: NFA

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Jakarta – Indonesia is a leading country in food security in the ASEAN region, Head of the National Food Agency (NFA) Arief Prasetyo Adi said at the ASEAN Business & Investment Summit (ABIS) here on Sunday. “We can be relied upon for the food sector in the ASEAN region,” Adi said. He said Indonesia has raised several issues that become concerns at the regional level, for instance, food security. The ABIS is a sideline event of Indonesia’s 2023 ASEAN Chairmanship’s ASEAN Business Advisory Council (ASEAN-BAC) and is currently hosted by the Indonesian Chamber of Commerce and Industry (Kadin) on September … Continue reading →

Indonesia’s Economy to Top 5 Percent in 2023: Central Bank

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Jakarta. Indonesia is forecast to see a robust economic growth of above 5 percent this year thanks to domestic consumption and investment, according to the country’s central bank. Indonesia’s economy rose 5.31 percent in 2022, quite a jump from the 3.7 percent growth that the current ASEAN chair had registered in the previous year. The country’s gross domestic product (GDP) will likely expand between 4.5 percent and 5.3 percent in 2023. GDP growth is expected to accelerate to 4.7 percent and 5.5 percent in 2024, Bank Indonesia data shows. “Indonesia is among the best-performing economies despite the global turbulence,” Bank Indonesia Governor Perry … Continue reading →

South Korea Working on Advertise for Jabodebek LRT, Investment of IDR 500 Billion

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PT Kereta Api Indonesia (KAI) seeks to optimize the Jabodebek LRT assets to become another source of income. Recently, PT KA Wisata—a subsidiary of KAI—which partners with PT Megabox Glovis or MBOX Media, was appointed to manage advertising for a number of Jabodebek LRT assets. Some of the parts that will be utilized include: the indoor and outdoor station buildings , the train body, and other properties. MBOX Media is a subsidiary of Hyundai Asset Management Co., Ltd. from South Korea. In this collaboration, MBOX Media will invest IDR 500 billion. This figure may still increase in line with the addition of several strategic projects related to the company’s business. … Continue reading →

Indonesia One of G20 Countries With Above-Five-Percent Growth: Jokowi

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President Joko Widodo (Jokowi) stated that Indonesia was among the three countries in G20 whose economic growth rate reached the figure above five percent, along with India and China. “Among G20 countries, only Indonesia, India, and China managed to reach the figure of more than five percent of economic growth,” he remarked while attending the 2023 national conference of Real Estate Indonesia (REI) in Jakarta on Wednesday. The G20 constitutes a multilateral forum comprising the European Union and 19 countries, with the contribution of 79 percent to global trade and 85 percent to the world’s economy. The president noted that … Continue reading →

Indonesia, Switzerland to Ratify Bilateral Investment Treaty This Year

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Jakarta. Foreign Minister Retno Marsudi on Wednesday met her Swiss counterpart Ignazio Cassis to pursue a speedy process in the ratification of a bilateral investment pact as soon as this year. After seven rounds of negotiations since 2018, Indonesia and Switzerland last year inked a bilateral investment treaty set to better protect Swiss businesses when investing in Indonesia and vice versa. In a joint press conference after her meeting with Cassis, Retno said that Switzerland was Indonesia’s second-largest European investor in 2021. “To further boost investment partnership, I underlined the importance of ensuring the bilateral investment treaty can be ratified within … Continue reading →

RI’s Digital Economy Can Reach IDR 1,950 Trillion in 2025, This is the Motivator

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The Financial Services Authority (OJK) projects that Indonesia’s digital economy in 2025 has the potential to reach US$130 billion or the equivalent of IDR 1,950 trillion (exchange rate of IDR 15,000). Bambang W. Budiawan, Deputy Commissioner for Supervision of Financing Institutions and Other Financial Services Institutions, revealed that the current contribution of the e-commerce sector in the country has reached US$59 billion or the equivalent of 80 percent of Indonesia’s digital economy. “In two years we will reach US$130 billion,” said Bambang at the Senayan Court, Jakarta, Friday (14/7/2023). This projection, he said, was driven by various innovations carried out by … Continue reading →

Indonesia capable of becoming EV center: Trade Minister

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Indonesia is capable of becoming a center of electric vehicles (EVs) considering that the country has abundant sources of raw materials used in EV batteries, Trade Minister Zulkifli Hasan has said. The government has taken several steps to attract businesses to invest in Indonesia and build factories for the EV industry, including by highlighting the nation’s enormous natural and human resources. “We wield a very large population and abundant battery raw materials. Hopefully, many factories will be built here, so we can become the center of EVs or green economy, in general,” Hasan said after visiting an automotive factory in … Continue reading →

Encouraging Exports of Agricultural and Forestry Products, Policy Relaxation Enacted

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Exports of various types of non-oil and gas products, including agricultural and forestry products, which are Indonesia’s main export products after mineral fuels, fats and oils, iron and steel, metal ores, and footwear are currently being boosted by the government. As sourced from the Ministry of Trade, Jerry Sambuaga as Deputy Minister of Trade, mentioned this during his working visit to CV Sono Putro, Klaten, Central Java. In order to boost export performance, the Ministry of Trade has taken several strategic steps, including providing policy relaxation for this type of product. The Vice Minister of Trade emphasized the importance of efforts … Continue reading →

Indonesia may become high-income country in few years: Pandjaitan

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Indonesia’s marine economy has a lot of room to grow and the country could become a high-income country in the next few years, Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan has said. According to Pandjaitan, in 2045, the contribution of the marine sector to the national economy would rise by twofold and continue to grow. At the opening of the Archipelagic and Island States (AIS) Forum here on Tuesday, he said that given the current trend, he believes that Indonesia would become a high-income country in 10 years. If this continues, within the next three decades, Indonesia … Continue reading →

The Indonesian Electric Vehicle Market is Projected to Reach IDR 30 Trillion in 2029

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Maximize Research projects that the Indonesian electric vehicle market will reach a value of around US$2.02 billion, or the equivalent of Rp.30 trillion. The market value of Indonesia’s electric vehicles is said to have reached US$533.19 million or around Rp7.93 trillion in 2020. This figure is expected to grow with a compound annual growth rate (CAGR) of 20.96 percent until 2029 so that the value can reach US$2.02 billion. The Maximize Research report highlights the key dynamics driving the growth of the electric vehicle market. The abundance of natural resources that Indonesia has, such as nickel, is an important component in the production of electric … Continue reading →