China Nudged to Open Its Doors to Indonesian Durian
Jakarta. The government is hoping that China will soon give its green light for Indonesian durians to enter the Chinese market.
China is a big buyer of the fruit known for its distinctive odor, and Jakarta sees this as a huge business opportunity. Over the past few years, the Indonesian government has been trying to convince China that its durian is eligible for export. Today, Indonesia is waiting for China to issue a protocol that will let Jakarta export the so-called “king of fruits”. Foreign Affairs Minister Retno Marsudi also tried to secure the durian export protocol from her Chinese counterpart Wang Yi during their bilateral talks in Beijing on Friday.
“To boost our exports to China, Indonesia pushed for the negotiations on frozen durian and coconut export protocols to be completed soon,” Retno said in a recorded statement, as she updated the press on the outcome of the meeting.
She added: “We believe that once we have finished negotiating those protocols, we will be able to boost bilateral trade.”
The diplomat did not go into details about the durian protocols.
According to the state-run news agency Antara, in April, the National Quarantine Agency (Barantin) was in talks with China’s General Administration of Customs (GACC) regarding durian exports. Barantin’s chief Sahat M Panggabean said at the time that China had approved market access for Indonesian durian in 2023 — years after Jakarta submitted a proposal for the export in 2020. GACC is set to hold an on-site inspection of the plantations and packaging facilities afterward. Once the protocol is out, Indonesia should be able to export its durians to China.
China is a huge consumer of durians. The country imported 1.4 million tons of durians throughout 2023. Thailand made up 68 percent of China’s durian imports last year, Bangkok Post wrote. Just a few months ago, senior minister Luhut Binsar Pandjaitan revealed that exports of durians to China could give a major boost to the local economy.
“China imports between $7-8 billion worth of durians. So imagine … if a regency exports $100 million worth of durians to China, that is about Rp 1.5 trillion every year,” Luhut said in June.
Retno also spoke of how Indonesia managed to record a positive trade balance with China in 2023 after years of deficits in the recent talks with Wang Yi.
According to the Trade Ministry, Indonesia finally had a positive trade balance with China in 2023 with a surplus amounting to $2 billion. For comparison, the deficit with China hit almost $7.9 billion in 2020 before it improved to around $2.5 billion in 2021 and neared $1.9 billion the following year. However, Indonesia will likely be back to suffering a negative trade balance with China this year. In the first half of 2024, Indonesia’s deficit with China stood at $4.9 billion. This marked quite a steep decline from the $837 million surplus booked in the same period last year.
Indonesia’s Exports Reach US$20.84 Billion in June 2024
The Central Statistics Agency (BPS) noted that Indonesia’s export value in June 2024 reached US$20.84 billion or decreased by 6.65 percent compared to exports in May 2024. However, when compared to June 2023, the export value increased by 1.17 percent. As stated by Acting Head of BPS Amalia Adininggar Widyasanti, non-oil and gas exports in June 2024 reached US$19.61 billion, down 6.20 percent compared to May 2024. However, it increased 1.40 percent compared to non-oil and gas exports in June 2023. Of the ten commodities with the largest non-oil and gas export values in June 2024, most commodities experienced a … Continue reading →
Indonesia Charts Solid Economic Performance
After being hit by the COVID-19 pandemic, the world found a bright spot, with economic growth projected at 2.6 percent in 2024 despite looming global geopolitical tensions and global interest rates remaining high for long. This growth is primarily due to the continued solid expansion of the US economy. In 2025–2026, the global economy is expected to expand by an average of 2.7 percent, in line with strengthening trade growth and a broad but measured easing of monetary policy to support economic activity. However, the growth rate is far below the average of 3.1 percent in the decade before COVID-19. … Continue reading →
Indonesia Posts $4.7 Billion State Budget Surplus As of April
Indonesia has recorded a state budget surplus of Rp 75.7 trillion ($4.7 billion) or about 0.33 percent of Indonesia’s gross domestic product as of April 30. Finance Minister Sri Mulyani also reported that the country’s primary balance saw a Rp 237.1 trillion surplus. “Our state budget and primary balance are still in a surplus. Our state budget is mainly influenced by today’s global conditions,” Sri Mulyani told a press briefing in Jakarta on Monday. Indonesia posted Rp 924.9 trillion in state revenue, about 33 percent of the targeted Rp 2,802.3 trillion. However, the overall state revenue saw a 7.6 percent … Continue reading →
Yadea Builds Electric Motor Factory in Karawang Rp. 2.4 Trillion, Largest in ASEAN
The best electric motorbike manufacturer from China, PT Yadea Teknologi Indonesia, is building its eighth production facility in the Surya Cipta area, Ciampel District, Karawang, West Java. The Yadea Manufacturing Plant project will require an investment of 150 million US dollars or the equivalent of IDR 2.4 trillion from this year to 2028. Yadea claims that the factory in Karawang will be their largest factory in Southeast Asia with a production capacity of 3 million units per year and standing on an area of 27 hectares. The facility is scheduled to operate in 2026. “Demand for high-quality electric two-wheeled vehicles … Continue reading →
CPO, Coal, and Durian Constitute Largest Exports to China: Kadin
The Indonesian Chamber of Commerce and Industry (Kadin) stated that crude palm oil (CPO), coal, and durian are the top commodities exported to China. “They are the largest commodities exported to China. First is still CPO and the second is minerals, which is the coal,” Kadin’s Deputy Chairman for Trade Juan Permata Adoe remarked here on Friday. Adoe noted that in terms of the export of Indonesia’s food and horticultural commodities, durian fruit is the most popular. He revealed that China has plans to invest in Indonesia’s downstream industry. “In addition, China is willing to invest in rice farming with … Continue reading →
Indonesia’s Trade Balance Records $4.47 Billion Surplus in March 2024
Indonesia’s trade balance recorded a surplus of $4.47 billion in March 2024, up from $3.64 billion in February 2024. This marked a significant increase from March 2023, which stood at $1.65 billion. This marks the 47th consecutive month of surplus. In March 2024, exports reached $22.43 billion, marking a 16.4 percent increase from February 2024. However, this indicated a 4.19 percent contraction compared to March 2023. Meanwhile, imports in March 2024 totaled $17.96 billion, reflecting a 2.6 percent decrease from February 2024 and a 12.76 percent decrease from February 2023. “The Indonesian trade balance has recorded a surplus for 47 … Continue reading →
Indonesian Coffee Dominates the Egyptian Market, Exports Reach IDR 1.46 Trillion
Indonesian coffee products have succeeded in dominating the Egyptian and North African markets. In 2023, Indonesia will become the largest coffee exporter to Egypt from all over the world with an export value of 92.96 million or the equivalent of IDR 1.46 trillion. This amount controls 42.69 percent of the coffee market share in Egypt. “This indicates that Indonesian coffee products are loved by consumers in Egypt. “The distinctive aroma and taste are the main factors in attracting the interest of Egyptian consumers,” said the Indonesian Ambassador to Egypt Lutfi Rauf in a written statement in Damanhour, Beheira, Egypt, Tuesday … Continue reading →
New capital groundbreaking Phase 5 worth Rp49.6 trillion of investment
The fifth phase of groundbreaking in the new capital city (IKN) Nusantara took place to commence the development of projects worth Rp49.6 trillion (US$3.17 billion) of investment in total, the Nusantara Capital Authority (OIKN) revealed. President Joko Widodo during an inspection on a construction work launched during the fifth phase of groundbreaking of IKN Nusantara in North Penajam Paser District, East Kalimantan Province. (ANTARA/Nyaman Bagus Purwaniawan) OIKN Deputy for Socio-cultural Affairs and People’s Empowerment, Alimuddin, noted that the fifth phase of groundbreaking in Nusantara that took place on February 29 and March 1 serves as a testament to the continued … Continue reading →
Indonesia Aims for 5.6 Percent Economic Growth in 2025
President Joko “Jokowi” Widodo is targeting economic growth to range between 5.3 percent and 5.6 percent in 2025, surpassing the 5.05 percent recorded in 2023 and the 5.2 percent target for this year. In comparison, the International Monetary Fund (IMF) forecasts Indonesia to achieve a growth rate of 5 percent for the current year and the following year. Meanwhile, the World Bank predicts a decrease in growth for both 2024 and 2025, with the growth rate projected to be 4.9 percent in each of those years. Additionally, the government is also aiming for a reduction in the poverty rate from … Continue reading →
Manufacturing Investment Trend Continues to Grow for 10 Years, Reaching IDR 3000 Trillion
Indonesia remains the main focus of global investors who want to expand their business in the industrial sector. This increase in investment realization is also inseparable from the support of strategic policies that support business, including ease of granting permits and incentive facilities. In the period 2014-2023, investment realized in the non-oil and gas processing industry sector showed fluctuations with an increasing trend. As mentioned by the Minister of Industry, Agus Gumiwang Kartasasmita, investors still see Indonesia as a very attractive and profitable location for their business. When comparing conditions in 2014 with 2023, there is a significant jump in the investment … Continue reading →
Electric Cars are Future of Indonesia’s Automotive Industry: Jokowi
President Joko Widodo (Jokowi) underscored that electric vehicles are the future of Indonesia’s automotive industry, as the country has supplies of raw materials for production. President Joko Widodo (Jokowi) at the booth of Vietnam-based automotive company, VinFast, at the 2024 Indonesia International Motor Show (IIMS) automotive exhibition held at the Jakarta International Expo, Jakarta, on Thursday (February 15, 2024). ANTARA/Andi Firdaus The president made the statement after opening and monitoring the 2024 Indonesia International Motor Show (IIMS) automotive exhibition held at the Jakarta International Expo, Jakarta, on Thursday. “I think the future of Indonesia’s automotive (industry) is in electric cars … Continue reading →
Indonesia Relaxes Golden Visa Requirements for New Capital Investors
Indonesia recently announced that they would relax the golden visa requirements for investors who are investing in the new capital project Nusantara. According to immigration director general Silmy Karim, foreign companies who invest at least $5 million are now already eligible for a five-year stay permit — much lower than the previous minimum requirement of $25 million. The government has also lowered the requirement for the 10-year stay permit from $50 million to $10 million. Foreign companies who set up their branch offices or subsidiaries in the new capital Nusantara Are exempt from turnover (sales value) requirements at their parent … Continue reading →
Oil and Gas Investment in Indonesia Will Reach IDR 212 Trillion in 2023
Total upstream oil and gas (oil and gas) investment in Indonesia in 2023 will reach 13.7 billion US dollars or the equivalent of IDR 212.87 trillion. This amount increased 13 percent from the previous year’s realization, higher than the long term plan ( LTP), and above the Global E&P investment trend. ” God willing, in 2024 our target is 17.7 billion US dollars. So, there will be a significant increase. “Hopefully everything will go well,” said Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto in a press conference at the beginning of the year at the SKK Migas … Continue reading →
Middle Eastern Investors’ Interest in Indonesia Still High: Minister
Minister of Tourism and Creative Economy (Parekraf) Sandiaga Salahuddin Uno has said that the interest of Middle Eastern businesses in investing in Indonesia, including in its tourism sector, is still high. He made the remarks in reference to his visit to Dubai, the United Arab Emirates (UAE), and Jeddah, Saudi Arabia, some time ago, where he showcased investment opportunities in the tourism and creative economy sector. “From our visit to meet with several business people and entrepreneurs, they showed that interest in investing in Indonesia is still very high,” he informed during the “Weekly Brief with Sandi Uno” in Jakarta … Continue reading →
Hong Kong Investors Show Strong Appetite for Indonesia
Many Hong Kong businesses of different sectors are seeking to expand to Indonesia, thus showing that the upcoming election has little effect on investors’ appetite, according to the region’s trade body representative. Government data shows that Hong Kong has never left the top 4 ranking for Indonesia’s largest foreign investors over the past years. It is likely that more Hong Kong investment will come to Jakarta in the future. Kevin Chiu, the director for Indonesia at the Hong Kong Trade Development Council (HKTDC), said that businesses had been asking how they could set up a company in the archipelagic country. … Continue reading →
3 Megaprojects Will Be Built in West Papua, Investing Hundreds of Trillions
Indonesian President Joko Widodo (Jokowi) inaugurated the Tangguh Train 3 National Strategic Project (PSN) in Teluk Bintuni Regency, West Papua, on Friday (24/11/2023). On the same occasion, Jokowi also led the groundbreaking procession for the development of three upstream oil and gas megaprojects in West Papua. The three projects include: construction of Carbon Capture, Utilization and Storage (CCUS) in Ubadari Field, Kramomongga District, Fakfak Regency. Then, downstream Blue Ammonia , as well as the Asap-Kido-Merah (AKM) gas field. The investment value of all these projects reaches hundreds of trillions of Rupiah. The Indonesian Minister of Energy and Mineral Resources, Arifin … Continue reading →
Jokowi Discusses Potential Investment of US$15 Billion with Exxon
Indonesia’s President Joko Widodo (Jokowi) met with Chairman of Exxon Mobil Corporation Darren Woods to discuss the company’s plan on investing as much as US$15 billion in the energy sector in Indonesia. During the meeting that took place in San Francisco, the United States, on Wednesday (November 15) local time, the president welcomed Exxon’s plan to invest its capital in the development of a green petrochemical refinery and carbon capture storage (CCS) facility. “I would like to appreciate the plan on the cooperation in developing a green petrochemical refinery and carbon capture storage facility, with the investment value reaching US$15 … Continue reading →
Indonesia in Pursuit of Dutch Semiconductor Investors
Indonesia is trying to get some investors to invest in its semiconductor industry, and Jakarta recently took a shot at attracting Dutch investors. The Dutch top diplomat, Hanke Bruins Slot, visited Jakarta on Tuesday to meet her Indonesian counterpart Retno Marsudi. With the Netherlands being home to a well-developed semiconductor industry, Indonesia took the opportunity to get some potential Dutch investment. According to Retno, the Netherlands is already a major investor in Indonesia. And the archipelagic country wants the Netherlands to further expand its investment into other sectors. “The Netherlands is the largest investor from Europe contributing more than $15.5 … Continue reading →
The Largest in the World, This is the Solution to Extend the Life of Indonesia’s Nickel Reserves
The Ministry of Energy and Mineral Resources (ESDM) claims that nickel commodity reserves in Indonesia are still the largest in the world or 23 percent of reserves on earth. This country’s nickel resources consist of 17.7 billion tonnes of ore and 177.8 million tonnes of metal, while its reserves total 5.2 billion tonnes of ore and 57 million tonnes of metal. In addition, there are a number of areas that are said to have nickel content, but have not been explored (greenfield). These areas are spread across the provinces of Southeast Sulawesi, Central Sulawesi, South Sulawesi, Maluku, North Maluku, Papua and West Papua. … Continue reading →
Industry Minister Discusses I-EU CEPA with French Trade Minister
Jakarta – Industry Minister Agus Gumiwang Kartasasmita met Minister-Delegate, Foreign Trade, Economic Attractiveness, and French Nationals Abroad, Olivier Becht, to discuss progress of Indonesia-European Union Comprehensive Economic Partnership Agreement (I-EU CEPA) negotiations, deforestation, carbon, and investment opportunities. The meeting took place on the sidelines of Kartasasmita’s working visits to France and Japan on October 2-6, 2023. “We conveyed the importance of collaboration in the I-EU CEPA to accelerate the completion of ongoing negotiations, so that both parties can immediately benefit from the agreement,” he noted in a statement on Thursday. He remarked that since 2016, negotiations on the I-EU CEPA … Continue reading →
Indonesia Reports 40 Consecutive Months of Trade Surplus
Indonesia has continued its streak of trade surpluses, marking the 40th consecutive month of surplus in August, despite a narrowing trend, according to a report from the Central Statistics Agency (BPS) released on Friday. The trade surplus for August reached $3.12 billion, with total exports amounting to $21.9 billion and imports at $18.8 billion. “Indonesia has maintained a trade surplus for 40 consecutive months,” Acting BPS Head Amalia Adininggar Widyasanti said during a news conference in Jakarta. For the first eight months of the year, the trade surplus amounted to $24.34 billion, a significant drop of $10.55 billion compared to … Continue reading →
Indonesia-Netherlands Agree on Cooperation in Various Sectors
The Minister of Trade of the Republic of Indonesia, Zulkifli Hasan, attended a bilateral meeting attended by President Joko Widodo and the Prime Minister of the Netherlands, Mark Rutte, in New Delhi, India. The meeting which took place during the G20 Summit held in India on September 9 2023, the two countries discussed a number of important issues including the fields of development, economics, the process of registering Indonesia as a member of the Organization for Economic Co-operation and Development/OECD), as well as cooperation between ASEAN and the Netherlands. One of the main aspects discussed was cooperation in the energy … Continue reading →
Indonesia leading country in ASEAN food security: NFA
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
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
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
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
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
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
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
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
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
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 →
Global economic growth to reach 2.8 percent in 2024
Bank of Indonesia (BI) has projected global economic growth to reach 2.8 percent in 2024, according to the central bank’ s governor, Perry Warjiyo, at a hearing between lawmakers and Finance Minister Sri Mulyani here Monday. “We predict that this year, the global economic growth can reach 2.7 percent and increase to 2.8 percent in 2024. This global economic improvement is boosted, particularly by the economic growth of developing countries, which is predicted to be better,” he stated. Amid the global turmoil, the global economy is forecast to still grow, aided by growth from developing countries, such as India and the ASEAN-5, BI … Continue reading →
In the Last Three Years, Indonesia’s Trade Balance Surplus Consecutively
In the last three years, Indonesia’s trade balance has recorded an ever-increasing surplus. This shows that there is good trade performance for the country’s economy. Referring to data recently published by the Central Statistics Agency (BPS), Indonesia’s trade balance surplus in April 2023 increased from US$2.83 billion in March 2023 to US$3.94 billion. “Indonesia’s trade balance until April 2023 has experienced a surplus for 36 consecutive months since May 2020,” said BPS Deputy for Methodology and Statistical Information Imam Machdi in a press conference, Monday, quoted from Merdeka.com . The main thing that has increased the trade balance in April 2023 is the … Continue reading →
Indonesian Finance Minister receives US-ASEAN Business Council’s visit
Indonesian Finance Minister Sri Mulyani Indrawati received a visit from President and CEO of the US-ASEAN Business Council (US-ABC) Ambassador Ted Osius in Jakarta on Wednesday (May 24, 2023). “On the occasion, I heard out various aspirations they conveyed,” Minister Indrawati said in an official statement issued in Jakarta on Thursday. During the meeting, the minister also received a number of suggestions on topics ranging from the taxation policy, digital transactions, industry development, and investments in renewable energy, health, and education sectors. The minister and council members also discussed the focuses of Indonesia’s G20 presidency last year and its ASEAN (Association of Southeast … Continue reading →
New Capital Authority to Develop One-Stop-Shop for Investors
President Joko Widodo has directed that an integrated one-stop-shop system be developed to support investors participating in Nusantara city’s development, according to the Nusantara Capital Authority (OIKN). OIKN Head Bambang Susantono said the one-stop-shop system must be developed to accelerate the processing of permits for the new capital’s development and to ensure that it is consistent with on-site conditions and prevailing laws. “It has been decided that (to address) investment issues, we have been asked to set up a one-stop shop system where other ministries and institutions will be included there,” Susantono informed at a press conference at the Presidential Palace Complex … Continue reading →
Even though the Global Economy is Slowing Down, Indonesia’s Economic Growth Remains Strong
Indonesia’s economic growth remains strong amidst a global economic slowdown. In a press release from Bank Indonesia (BI), as referring to the Central Bureau of Statistics (BPS) data, Indonesia’s economic growth in the first quarter of 2023 was recorded at 5.03% (yoy), a slight increase compared to growth in the previous quarter of 5.01% (yoy). ). Looking ahead, economic growth in 2023 is expected to remain strong at the upper limit of the 4.5-5.3% range, driven by improving domestic demand and continued positive export performance. Economic growth that remained strong was supported by all components of GDP. Exports continued to grow high … Continue reading →
Indonesian Finance Minister and South Korean Minister Discuss Economic Developments
Jakarta (ANTARA) – Finance Minister Sri Mulyani Indrawati met with Deputy Prime Minister and Economy and Finance Minister of the Republic of Korea, Choo Kyung-ho, in South Korea to discuss recent economic developments in the two countries. The meeting took place on May 3, 2023. “We agree that the two countries can work together in building stronger bilateral trade and investment activities to support the economic recovery of each country,” Indrawati said in a post on her official Instagram account @smindrawati on Thursday (May 4). During the meeting, she also sought South Korea’s views on Indonesia’s chairmanship of the 2023 ASEAN in … Continue reading →
3 Days in Germany, RI Pocketed 27 Business Deals Worth Nearly IDR 28 Trillion
After visiting Germany for three days, Indonesian President Joko Widodo (Jokowi) managed to secure 27 business deals with an investment value of US$1.98 billion or Rp.27.9 trillion. This good news was stated directly by the Coordinating Minister for the Economy Airlangga Hartarto when opening the Indonesian Pavilion at Hannover Messe. Of the total cooperation that was successfully bagged, 1 of them was in the form of intergovernmental agreements (Government to Government/G2G), 4 agreements between the government and business actors (G2B), while 22 others were agreements between companies (B2B). According to Airlangga, this cooperation can absorb up to 18,000 workers. In this biggest … Continue reading →
Foreign Capital of IDR 4.23 Trillion Enters Indonesia in the First Week of April
Bank Indonesia (BI) reported that non-resident foreign capital inflows into the domestic financial market amounted to IDR 4.23 trillion, according to transaction data April 3-5 2023. Erwin Haryono, as the Executive Director of the BI Communication Department explained, the nominal was obtained based on the accumulation of sales of Government Securities (SBN) worth Rp. 2.13 trillion plus a net purchase of Rp. 2.10 trillion on the stock market. “During 2023, based on settlement data up to April 5, 2023, non-residents bought IDR 59.00 trillion net on the SBN market and IDR 4.65 trillion net bought on the stock market,” said Erwin in … Continue reading →
Digital economy expected to continue to improve: Minister Hartarto
Jakarta (ANTARA) – Indonesia’s digital economy is projected to continue to grow due to the high Internet penetration rate of around 78 percent and the country’s large population, according to Coordinating Minister for Economic Affairs, Airlangga Hartarto. “In 2022, 40 percent of the world’s total digital transactions were made from Indonesia, namely US$77 billion. With the majority of the population entering the productive age, Indonesia’s digital economy will continue to grow,” he said on Wednesday. Hartarto made the statement virtually at the launch of the East Ventures Digital Competitiveness Index (EV-DCI) 2023: Digital Justice for All Indonesian People report in Jakarta. According … Continue reading →
Indonesia’s Manufacturing Sector Continues to Expand, Industry Players Optimistic
The performance of the non-oil and gas processing industry sector in Indonesia was still maintained stably in the middle of the first quarter of this year. The news provides optimism and motivation to achieve better results in the future. Sourced from Indonesia.go.id, in the S&P Global report in early March 2023, they released the Indonesian Manufacturing Purchasing Managers’ Index (PMI). The report shows that Indonesia’s Manufacturing PMI remains at 51.2, indicating expansion in February. Indonesia’s manufacturing PMI results in the second month of this year also show that Indonesia’s manufacturing sector remains strong and has been able to sustain its 18th consecutive … Continue reading →
Indonesia’s economy remains strong amid global uncertainty
The foundation of Indonesia’s economy remains strong in the face of global economic uncertainty that has caused the closure of banks in several countries, according to a finance official. “Our economic growth outlook is still very strong. In 2023, we expect economic growth to be in the range of between 5.0 to 5.3 percent annually,” Deputy Minister of Finance Suahasil Nazara said during the OCBC NISP Business Forum on Tuesday. Moreover, the Consumer Trust Index in February 2023 is still within the optimistic zone, or above 100, with a score of 122.4, which is a foundation for optimism toward economic … Continue reading →
80% of unfinished investment projects complete
Investment Minister and Investment Coordinating Board (BKPM) head Bahlil Lahadalia has said that his party has completed 80 percent of unfinished investment projects worth Rp708 trillion (around US$45.7 billion) since his taking over as BPKM head in 2019. “Of the Rp708 trillion (around US$45.7 billion) in unfinished investments, we have completed more than 80 percent, including investments outside Java Island,” he informed at the “2023 Fortune Indonesia Summit” in Jakarta on Wednesday. The completion of unfinished investments was one of the directives the minister received from President Joko Widodo when he took over as BKPM head. He was also tasked … Continue reading →
Indonesia Strengthens Digital Economic Cooperation with Singapore
Jakarta (ANTARA) – Coordinating Economic Affairs Minister Airlangga Hartarto has met with Senior Minister and Coordinating Minister for National Security of Singapore, Teo Chee Hean, in Jakarta to discuss strengthening digital economic cooperation between the two countries. Indonesia and Singapore agreed to strengthen cooperation in the digital economy, especially for the development of human resources, through the Tech Talents Program. Hartarto said that development of the quality of human resources is a supporting factor in increasing a country’s competitive capabilities. “The Tech Talents program that is being discussed by the two countries can be developed for mutual benefit for young … Continue reading →
Export-Import Positive, RI Trade Balance January 2023 Surplus Nearly IDR 4 Billion Dollars
Indonesia’s export-import sector is still showing quite good growth by maintaining a surplus for 33 consecutive months. In January 2023, the trade balance recorded a surplus of IDR 3.87 billion US dollars. Import performance was reported to have grown by 1.27 percent yoy with a total of IDR 18.44 billion US dollars. Among these incomes, consumer goods contributed a positive growth of 1.09 percent yoy, then capital goods 5.66 percent yoy, and auxiliary raw materials 0.41 percent yoy. Commodities that dominated imports during this period included machinery, electrical equipment and their parts, and other main commodities. The United States, the Philippines and … Continue reading →
Confident of West Java’s positive economic growth in 2023: Bank Indonesia
Bandung, West Java (ANTARA) – Bank Indonesia (BI) stated that it is optimistic that West Java will record positive economic growth this year on the back of improving household consumption, investment, and financial sector performance. This optimism is based on the province’s economic growth in 2022, which showed a positive growth of 5.45 percent and exceeded national economic growth of 5.31 percent, head of BI’s West Java Representative Office, Erwin Gunawan Hutapea, informed. “That West Java’s economic growth is supported by positive performance of household consumption owing to relaxed restrictions on community activities, supported by export and investment performance,” he … Continue reading →
Expect inflation decline, improved recovery in second half: Minister
A decline in inflation, a stable and cheaper price trend, and improved recovery are expected in the second half of this year, Finance Minister Sri Mulyani Indrawati has said. “This sparks new hope that in 2023, at least in the second half, we will see a much more positive combination of reduced inflation and better recovery,” the minister said at the “Mandiri Investment Forum 2023” here on Wednesday. This would be the result of easing of pressure factors stemming from policy response, such as monetary restrictions and a decline in the ever-growing interest rate imposed by monetary authorities. Some countries … Continue reading →
This year Indonesia is hosting 9 world-class events, what are they?
The successful holding of last year’s G20 Summit in Bali succeeded in enhancing Indonesia’s image in the eyes of the world. Many appreciations came from officials and foreign media. Likewise with the WSBK and Moto GP 2022 events at the Mandalika Circuit. This year, Indonesia has again received the mandate to host various prestigious international level events, ranging from world-class championships to conferences throughout Southeast Asia. There are at least 9 events that have been confirmed to be held in Indonesia throughout 2023. The following is a summary. F1 Superboats Lake Toba, North Sumatra, is getting ready to host a super fast … Continue reading →
Indonesia’s Military Strength Soars to 13th in the World Ranking, Dropping Egypt and Iran
It seems that the capability of the Indonesian military forces cannot be underestimated. Based on the 2023 World Military Strength Index released by Global Firepower, Indonesia is ranked 13th with a score of 0.2221, up two levels compared to last year’s 15th position. position 14 to 17. In addition, Indonesia should be proud because the country’s military strength is still ranked first in Southeast Asia. The title of strongest military in the world this year is still held by the superpower, the United States with a PwrIndx score of 0.0712, followed by Russia (0.0714), China (0.722), and India (0.1025). These four countries have never … Continue reading →
Goldman Sachs: In 2075, Indonesia will become the world’s largest economic country, overtaking Japan
Goldman Sachs, a multinational investment bank and financial services company headquartered in New York, has been known for the last two decades to provide long-term growth forecasts for countries in the world. Now the Goldman Sachs economists led by Jan Hatzius have expanded their projections to 104 countries in the world half a century from now. They projected several points about the world economy in 2075. One of the points is quite surprising, especially for Indonesia. Here are some of their projections: Global economic growth is predicted to average below 3% per year, down from the projected 3.6% in the decade before the … Continue reading →
List of 13 Unicorns in Indonesia. Anything About?
Even though there are currently many waves of Termination of Employment (PHK), the development of startup companies in Indonesia is still showing an increase. Not a few of these companies have entered unicorn status , aka startups , with a valuation of US$ 1 billion (Rp 14.3 trillion). Then, what are the unicorn startups ? 1. Gojek You could say that Gojek is the first Indonesian startup to achieve unicorn status. This startup , which has been established since 2010, has received support from various large companies, from Telkomsel to Amazon and Google. Currently, Gojek has become a public company and has merged with another unicorn , Tokopedia. 2. Tokopedia Founded one year earlier than Gojek, Tokopedia experienced … Continue reading →
Officially Opening the 2022 Investment National Coordination Meeting, President Jokowi Emphasizes the Importance of Maintaining Investor Confidence
The Ministry of Investment/Investment Coordinating Board (BKPM) again held the 2022 Investment National Coordination Meeting (Rakornas) with the theme Downstream and Partnership for Equitable Investment in Jakarta, this morning (30/11). The 2022 Investment National Coordination Meeting was officially opened by President Joko Widodo accompanied by the Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia, Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan, Minister of Finance Sri Mulyani, Minister of Cabinet Secretary Pramono Agung, Minister of Home Affairs Tito Karnavian, Minister of State Apparatus Empowerment and Bureaucratic Reform (PANRB) Abdullah Azwar Anas and Minister of Energy and … Continue reading →
OECD predicts China and Indonesia to lead economic world in 2021
The economies of China and Indonesia are the only two that will grow beyond seven per cent in 2021 The economies of China and Indonesia will lead the world in 2021, according to a new report from the Organisation for Economic Co-operation and Development (OECD). The OECD forecast in its June Economic Outlook that a second wave of infections at the end of the year could knock an initial economic rebound off course. “Europe and the US are now bearing the brunt of a resurgence of the virus, stalling the recovery. Global GDP (Gross Domestic Product) in the fourth quarter … Continue reading →
Foreign Business Representative Office
Foreign investor could setup an Indonesian Representative Office to study the market for a maximum period of 5 years. Foreign Representative Office is an office incorporated by an overseas company to represent itself in Indonesia with a view to manage the interest of the company or the affiliated companies in Indonesia and/ or in other countries and/ or to prepare the establishment and development of foreign investment companies in Indonesia. Indonesian Representative Office of foreign companies usually has limited functionality and generally are prohibited from directly engaging in operational activities, signing contracts, issuing official invoices, receiving payments from its clients, … Continue reading →