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Indonesia

Indonesia records 2.68 percent January inflation using new formula

Indonesia recorded annual inflation of 2.68 percent in January in applying a new formula for calculating its consumer price index (CPI), Statistics Indonesia (BPS) announced on Monday. The new formula uses 2018 as the base year of the CPI instead of 2012, as well as a new consumption pattern. January’s inflation figure, therefore, cannot be compared with the December inflation ... Read More »

Good time to invest in Indonesia: BI lauds country’s economic stability

Indonesia has proven its ability to maintain economic stability and resilience amid global uncertainties, a top central banker has said in front of an international forum in Bali on Wednesday. “Bank Indonesia [BI] Governor Perry Warjiyo believes that now is a good time to invest in Indonesia,” the central bank wrote in a statement on Thursday. “Indonesia was able to ... Read More »

SoftBank offers to invest up to $40bn in Indonesia’s new capital

JAKARTA: Japan’s SoftBank Group has offered to invest between US$30 billion and $40 billion in the development of the new Indonesian capital on Borneo Island, a close aide of President Joko “Jokowi” Widodo said Friday. In a meeting last week with Jokowi, SoftBank chief executive officer Masayoshi Son expressed interest in participating in the development of the yet-to-be-named capital and ... Read More »

Indonesia, UAE sign business deal worth B690 billion

JAKARTA: Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah (690 billion baht) covering investment in energy and other sectors, Indonesian President Joko Widodo said via his Twitter account. Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed over the weekend during an official visit to ... Read More »

Indonesia nabs 2 suspected smugglers of leopard, lion cubs

PEKANBARU, Indonesia: Indonesian police said that they have arrested two men suspected of being part of a ring that poaches and trades in endangered animals and seized from them several lion and leopard cubs and dozens of turtles. One of the suspects, identified only as Yatno, was arrested Saturday in Pekanbaru, the capital of Riau province, after picking up suspicious ... Read More »

Government to reduce KUR annual interest rate to 6 percent in 2020

The government plans to reduce the annual interest rate for its microcredit program (KUR) from 7 percent to 6 percent per year starting Jan. 1, 2020. It will also rise the ceiling for KUR from Rp 140 trillion (US$10 billion) to Rp 190 trillion, in line with fund allocation, as stated in the 2020 state budget. It expects the figure ... Read More »

Jasa Marga to raise Rp 3 trillion from infrastructure fund, securities

State-owned toll road operator PT Jasa Marga plans to raise up to Rp 3 trillion (US$214 million) through the issuance of two capital market instruments to finance its infrastructure projects in the country. Corporate finance group head Eka Setya Adrianto said in Jakarta that the two instruments – a collective investment contract called infrastructure fund (DINFRA) and sharia-compliant asset-backed securities ... Read More »

New tax chief faces low revenue collection

The newly installed tax chief is facing the growing challenge of low tax revenue collection as the country’s economy continues to grow at a snail’s pace, hitting businesses hard. President Joko “Jokowi” Widodo has picked Suryo Utomo, formerly expert staffer on tax compliance to Finance Minister Sri Mulyani Indrawati, as the new taxation director general. Sri Mulyani swore him in ... Read More »

Scott Morrison travels to Indonesia as Labor embraces free trade agreement

Scott Morrison’s whirlwind trip to Indonesia is a “good thing”, his political opponent says, as Labor embraces bipartisan support for Australia’s latest free trade agreement. Morrison travelled to Indonesia for Joko Widodo’s second inauguration as president, with talks between the two leaders planned at the presidential palace. A top line discussion topic will be the Australia-Indonesia free trade agreement, which ... Read More »

DHL Global Forwarding expands multimodal service to Indonesia

International freight service provider DHL Global Forwarding has launched a delivery service to tap into growing shipments from Indonesia to other parts of Asia. The service, called Asiaconnect+, officially launched in Jakarta on Tuesday, enabling regional shipments from Indonesia to Singapore, Malaysia, Thailand, or vice versa, using multimodal services combining air and road freight, instead of only air freight or ... Read More »

Textile industry under scrutiny for potential ‘import leaks’

The Trade Ministry is working with a special task force to audit producers’ importer identification numbers (API-P) to verify the textile industry’s import quantity and identify possible “import leaks”, a top official said. Trade Minister Enggartiasto Lukita said at a press forum in Batu, East Java, that he had yet to confirm the source of excess imports. He added that ... Read More »

Government pushes for diversified agricultural investments away from palm oil

The government and industry observers are urging investors to expand beyond crude palm oil and into other agricultural commodities amid a combined investment pledge of Rp 313 trillion (US$22.20 billion) for the plantations sector. Agriculture Ministry plantations director general Kasdi Subagyono called on businesses to invest in the downstream segment of the palm oil industry rather than investing in crude ... Read More »

JCI drops 1.1 percent as student protests spread across Indonesia

The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX) fell sharply in Tuesday’s trading as protests against the government and the House of Representatives’ policy to amend several crucial laws spread across the archipelago. The index dropped 1.11 percent to 6,137 by the closing bell with foreign investors dumping Rp 773.2 billion (US$54.8 million) worth ... Read More »

Indonesia looks for investment opportunities in Yemen

Indonesia’s ambassador to Yemen discussed investment opportunities in the country with Yemeni officials in Hadhramout Saba News reported. Hadhramout Local Authority and Leaders of Industrial and Commercial Chamber of Hadramout met with Ambassador Mustafa Tawfiq to discuss ways to strengthen trade exchange between the two countries. The ambassador expressed Indonesia’s interest in various fields including scholarship programs and training for ... Read More »

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

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 »