Singapore and Indonesia reaffirm need to fight Covid-19 together, discuss economic activities
JAKARTA -Bilateral ties will be strengthened to overcome the Covid-19 pandemic together, Singapore and Indonesia have reaffirmed. During the 11th Singapore-Indonesia Six Bilateral Economic Working Groups ministerial meeting on Wednesday (July 14), Trade and Industry Minister Gan Kim Yong and Indonesia’s Coordinating Minister for Economic…
Indonesia can build back better for a green recovery
JAKARTA -When the 2004 earthquake and tsunami wiped out homes, buildings, and roads in Aceh, the government was confronted with two options: build everything back to pre-disaster conditions or seize the opportunity to ‘build back better’. They chose the latter, prioritizing the needs of local…
Indonesia c.bank slashes 2021 GDP outlook to 3.8%
JAKARTA – Indonesia’s central bank has cut its forecast for 2021 economic growth to 3.8% based on early assessment of the impact of recent coronavirus restrictions, from a previous forecast of 4.6%, its governor said on Monday. Southeast Asia’s largest economy has been battling the…
Indonesia plans to change value added tax to multi-tariff
JAKARTA – The Indonesian government will propose to parliament to change the way it charges value added tax to introduce different rates depending on the goods and services, an official said on Thursday. The planned changes are part of a major overhaul of the tax…
Jabodebek LRT to become operational in June 2022: President
JAKARTA -The Jakarta, Bogor, Depok, Bekasi (Jabodebek) light rail transit (LRT) will become operational in June 2022, according to President Joko Widodo. “We are optimistic that the trial would begin in April 2022. Start the trial, and we will start the operations in June 2022,”…
Rp117tn Loss from Illegal Investments
JAKARTA -The Financial Services Authority’s (OJK) Investment Alert Task Force (SWI) said that public losses due to participating in illegal investments reached Rp117 trillion. The figure was taken from reports over the last 10 years. “People’s losses due to illegal investments have reached Rp117 trillion in the…
Seven Lenders Are Transforming Into Digital Banks, Heating Up Competition
JAKARTA -Seven small-sized lenders, including the units of two of Indonesia’s largest lenders by assets, have notified the banking authority of their plan to become digital banks, marking a heated competition in the country’s digital financing industry. On Thursday, the Financial Services Authority (OJK) revealed that Bank BCA Digital, the…
Indonesia’s digital economy to grow eight-fold by 2030: Minister of Trade
JAKARTA – Trade Minister Muhammad Lutfi has predicted Indonesia’s digital economy will grow eight-fold from Rp632 trillion in 2020 to Rp4,531 trillion in 2030. “E-commerce will play a crucial role (by contributing) 34 percent, or Rp1,900 trillion (to the digital economy),” he said following a…
The little engine that could, and the oil giant that couldn’t
JAKARTA – Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was…
INA-CDPQ-APG-ADIA Establish Investment Platform to Invest in Toll Road Assets
JAKARTA -Indonesia Investment Authority (INA), Caisse de dépôtet placement du Québec (CDPQ), APG Asset Management (APG), and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) to establish Indonesia’s first infrastructure-focused investment platform and INA’s first investment vehicle since its establishment. The Memorandum…