Tag Archives: economic

Indonesia eyes IEU-CEPA to boost marine product exports

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The Ministry of Marine Affairs and Fisheries (KKP) said the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA) must be used effectively to increase exports of Indonesian fishery and marine products to Europe.

Indonesia eyes IEU-CEPA to boost marine product exports

“We have an opportunity ahead with the IEU-CEPA, particularly the zero-tariff arrangement. We intend to make the best use of it,” Acting Director General for Strengthening the Competitiveness of Marine and Fishery Products Machmud said at a press conference here on Thursday.

For seaweed derivative products, such as agar-agar and handicrafts, he said Indonesia secured trade contracts worth USD 13.65 million for the European market, surpassing the target of USD 8 million.

Exports of other fishery commodities, including shrimp and tuna, had already increased before the IEU-CEPA, reflecting Europe’s strong demand for Indonesian marine products.

Machmud expressed hope that exports to Europe will grow further once the agreement’s zero-tariff provisions take effect.

“This will enable us to make the best possible use of opportunities in the European market,” he said.

The ministry also plans to intensify promotional efforts by inviting potential European buyers to visit Indonesian fish processing units directly.

“Insya Allah (God willing), the plan is for 2026 around May or June, after the expo in Barcelona in April 2026. We will invite them to Indonesia for promotional activities,” Machmud said.

Trade Minister Budi Santoso has set a target for the signing of the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA) in January 2026.

Santoso added that the agreement is currently undergoing legal drafting and translation into multiple languages.

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 →

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 →

Global economic growth to reach 2.8 percent in 2024

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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

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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

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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

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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 →