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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 business actors, followed by demographic bonuses and population stratification, as well as internet literacy which has reached 216 million.

“In 2030, it is estimated (the digital economy) will grow to US$360 billion due to the acceleration of the digital economy and various innovations made by other business actors,” he said.

Meanwhile, Bambang said that his party was encouraging MSMEs to enter the digital ecosystem, moreover their contribution to Indonesia’s GDP was quite high, reaching 60 percent. This amount has a very large potential to be developed.

He then said, the government is targeting 24 million MSMEs to enter the digital ecosystem this year. In addition, OJK is also encouraging financing procurement schemes for MSMEs to further enhance their role.

Together with a number of stakeholders and ministries—including the BUMN holding—his party is trying to regulate various schemes, ranging from ultra-micro, super-micro, KUR financing, to structuring policies.

Bambang also welcomed the development of the fintech industry in Indonesia. This industry, he said, continued to grow positively, even though the graphs tended to be sloping. However, the purchasing power of Indonesian people is now completely digital and involves fintech, e-commerce , and others.

“That’s normal (a sloping chart), it’s also a name for an industry that has only been developing for 6-7 years, but has recovered relatively quickly and continues to grow,” he concluded.

SOURCE: goodnewsfromindonesia
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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 →

New Capital Authority to Develop One-Stop-Shop for Investors

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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

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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

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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

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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

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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 →