Wednesday , September 18 2019
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Jokowi ready with bold reform agenda to lure foreign investment


The government is out to streamline its sprawling and infamously complicated regulations, as President Joko “Jokowi” Widodo looks to kick-start his second term with a bold reform agenda. Jokowi has given his ministers a month to identify and revise ministerial regulations deemed harmful to the country’s chances of attracting foreign direct investment (FDI) amid fierce competition from neighboring nations. Furthermore, ... Read More »

Indonesia to stop nickel ore exports in January 2020 -official


[JAKARTA] Indonesia will effectively stop nickel ore exports from Jan. 1, 2020, Bambang Gatot Ariyono, the mining ministry’s director general for coal and minerals, said on Monday, as the country moves ahead with efforts to process more of resources at home. The ban will be two years ahead of the initial schedule and will only apply to nickel ore exports, ... Read More »

Foreign investors flock to Indonesia


INDONESIA is fast becoming a favourite of foreign investors with the country receiving an all-time record high of US$29.3 billion in new foreign direct investment (FDI) in nearly 22,000 projects last year, a significant increase over the previous year. More importantly, the trend remains strong with Indonesia getting a further US$14.18 billion worth of new investments in over 23,000 projects ... Read More »

Govt eyes moderate rise in revenue, expenditure in 2020 state budget

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President Joko ‘Jokowi’ Widodo has revealed details of his administration’s 2020 state budget proposal, which foresee only a moderate increase in revenue and expenditure targets compared to this year’s double-digit expansions. The government aims to collect Rp 2,221 trillion (US$156 billion) in state revenue next year, a 2.6 percent increase from this year’s budget. Meanwhile, state expenditure is planned to ... Read More »

Indonesia central bank committed to guarding rupiah stability: official


Indonesia’s central bank is committed to ensuring the stability of the rupiah, a Bank Indonesia official said on Monday, as the currency fell around 0.40 per cent against the dollar in early trade. “BI is committed to guard rupiah stability,” Nanang Hendarsah, who heads BI’s monetary management department, said by text message. The rupiah fell to about 14,235 to the ... Read More »

Grab says it will invest $2 billion from Softbank into Indonesia


Southeast Asian ride-hailing company Grab said Monday it will invest $2 billion into Indonesia over the next five years using funds from SoftBank Group. The investment will be aimed at speeding up the development of Indonesia’s digital infrastructure. That includes building a next-generation transportation network around electric vehicles in local cities and improving the way important services, such as health ... Read More »

Indonesia, UAE improve economic ties


Indonesia and the United Arab Emirates (UAE) inked US$9.7 billion of investment deals during the official visit of Abu Dhabi’s Crown Prince Mohammed bin Zayed al-Nahyan to the country. This is the first state visit of a UAE leader in almost three decades, following that of bin Zayed’s father and then-UAE president Sheikh Zayed bin Sultan al-Nahyan in 1990. The ... Read More »

Indonesian seaweed farmers seek $140 mln over oil spill in Australia


MELBOURNE: Indonesian seaweed farmers were set to seek more than A$200 million ($137 million) from Thailand’s PTT Exploration and Production in a trial starting to cover damage they say they suffered after Australia’s worst oil spill. The class action represents more than 15,000 seaweed farmers who claim to have lost their livelihoods in the years after oil gushed into the ... Read More »

Jokowi puts economy at heart of re-election pitch


INDONESIAN President Joko Widodo has put the economy at the centre of his pitch to voters, pointing to job creation and boosting purchasing power as key to alleviating poverty for scores of Indonesians. In a speech Mr Joko – popularly known as Jokowi – underscored progress made in infrastructure during his first term as he sought to build momentum ahead ... Read More »

Indonesia and Inpex reach deal on Masela gas block’s development

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JAKARTA: The Indonesian government has reached a deal with Japan’s biggest oil and gas developer, Inpex Corp., on the framework for a $20 billion development plan for an onshore liquefied natural gas facility. An agreement is expected to be signed on the sidelines of the Group of 20 summit in Osaka in June. In a statement, Indonesia’s Ministry of Energy ... Read More »

BukaGlobal aims to connect 4 million traders with regional customers


Bukalapak has expanded its business to a number of neighboring countries – Singapore, Malaysia, Hong Kong, Taiwan and Brunei Darussalam – through its global brand BukaGlobal. Rahmat Fitra Wibowo, Bukalapak corporate communications supervisor, said with BukaGlobal, Bukalapak aimed to connect 4 million traders in Indonesia with customers in those countries. “This expansion is to reaffirm Bukalapak’s mission to support the ... Read More »

Rupiah continues to weaken, projected to hit Rp 14,570 next week

An illustration picture shows one Iceland banknote of one thousand Krona together with Canadian banknotes of five and ten Dollars in Reykjavik

The rupiah’s depreciation continued on Monday, when it fell to 14,478 to the United States dollar from Rp 14,469 on Friday. The currency started depreciating early May, after it was valued at Rp 14,245 to the dollar on May 2. Analysts believe the escalating trade war between China and the US has made investors shy away from high risk assets. ... Read More »

Indonesia sees record-breaking US$2.5b trade deficit in April


Indonesia’s April trade balance plunged to a deficit of US$2.5 billion after recording trade surpluses in the previous two months, Statistics Indonesia (BPS) has reported. The figure is the largest monthly deficit recorded since 2013 and during the administration of President Joko ‘Jokowi’ Widodo, surpassing the $2.05 billion trade deficit in December 2018. It is a contrast to March and ... Read More »

Trade Balance Indonesia: Second Consecutive Monthly Surplus in March


And when we take a closer look at the latest export and import data, then there remains room for concern, specifically about the international environment. Indonesian oil and gas exports fell 18.3 percent year-on-year (y/y) to USD $1.09 billion in March 2019 (from USD $1.34 billion in March 2018), while Indonesia’s non-oil and gas exports fell 9.2 percent (y/y) to ... Read More »

Indonesia plans to construct 4,479 km toll roads by 2030


The government plans to develop 4,479.33 kilometers of toll roads by 2030 in addition to the 1,500 km toll road projects that are to be completed in 2024 to support mobility, an official has announced. The Public Works and Housing Ministry’s road development director general, Sugiyartanto, said the new toll roads would particularly open access to tourist destinations and other ... Read More »

Eximbank loan disbursement at Rp 103.38t as of March


State-owned lender Indonesia Eximbank has disbursed Rp 103.38 trillion (US$7.22 billion) as of March, up by only 1.45 percent year on year (yoy) as the company continues to struggle to achieve higher growth, an official has said. “In the early period of this year, financing was still insignificant as the market is still waiting for the election result,” Indonesia Eximbank ... Read More »

Two alleged foreign drug smugglers shot dead in Medan


Two foreigners who were allegedly part of an international drug syndicate were shot dead by North Sumatra Police in a crackdown on drug smuggling in Medan. North Sumatra Police chief Insp. Gen. Agus Andrianto said the officers from the narcotics division were forced to shoot the suspects, an Indian national and a Malaysian, because they had fought back as the ... Read More »

PGN to pay Rp 1.38 trillion in dividends


State-owned gas company PT Perusahaan Gas Negara (PGN) has announced a plan to distribute Rp 1.38 trillion (US$97.5 million) in dividends, or 31.8 percent of the firm’s 2018 profit. At an annual shareholder meeting on Friday, the company’s shareholders agreed that the value dividend for each share would be Rp 56.99, or 80 percent higher than the value of each ... Read More »

Indonesia posts surprise trade surplus in March, analysts doubt sustainability

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Indonesia posted a surprise trade surplus for a second straight month in March, supporting the central bank’s outlook of a narrowing current account deficit, but economists warn a trade deficit could return after Wednesday’s presidential elections. Indonesia had a surplus of $540 million in March, the largest since June 2018 and compared with a forecast of $180 million deficit poll. ... Read More »

10% quota for general category poor may benefit 51.5 million households


An Act to provide 10 per cent reservations to the economically weaker sections (EWS) of forward/general category households could potentially benefit around 51.5 million households, an analysis by Business Standard shows. Of these, 9.35 million are Brahmin households, while 42.1 million belong to other forward/general caste households (at 2016-17 income levels). A closer look at the data reveals that 42 ... Read More »