Indonesia launched on Feb 26 its first gold bullion banks, a move aligned with the country’s move to develop its metal processing industry and promote local management of gold deposits.
Trade
In the wake of the temporary disruption to durian exports from Thailand and Vietnam to China due to issues with auramine O dye contamination, Liferdi Lukman, director of fruit and floriculture at Indonesia’s Ministry of Agriculture, noted that this presents a prime opportunity for Indonesia to directly export its own durians to China.
Indonesia has called on the economic and trade ministers of ASEAN countries to intensify efforts to complete the negotiation on upgrading the ASEAN Trade in Goods Agreement (ATIGA) this year.
Indonesia, Southeast Asia’s largest economy, welcomed 13.9 million foreign tourists in 2024, marking a 19% year-on-year increase and the highest figure over the past five years.
In a bold move to strengthen its foreign exchange reserves and stabilize the local currency, Indonesia has announced that natural resource exporters will be required to retain all export proceeds onshore for at least one year.
India and Indonesia have agreed to address technical trade barriers, according to Chief Economic Affairs Minister Airlangga Hartarto.
The Indonesian government is finalizing a regulation that will require natural commodity exporters to retain all their foreign exchange revenues in local banks or financial markets for at least one year, Coordinating Minister for Economic Affairs Airlangga Hartarto said.
Indonesia’s Finance Minister Sri Mulyani Indrawati has forecast a growth rate of 5.01% for the country’s economy in the fourth quarter of 2024.
The planned increase in Indonesia’s value-added tax (VAT) rate from 11 percent to 12 percent could reduce the country’s gross domestic product (GDP) by Rp 21 trillion ($1.3 billion), an economist warned on Thursday.
Indonesia plans to form a state revenue ministry to improve revenue collection, Hashim Djojohadikusumo, brother and a close advisor of President Prabowo Subianto, said on Sunday, according to a report by news portal Detik.com.
A new agreement between the Northern Territory Government and the Republic of Indonesia will be aimed at establishing a strong framework for mineral supply chains.
Indonesia’s economy faces mounting pressure from Chinese imports, sparking discussions about protective tariffs and the need for stronger local industry support.
Two prominent Australian livestock exporting companies have formed a joint venture to supply dairy cattle to Indonesia, in alignment with newly elected President Prabowo Subianto’s free milk for school students program.
With 64 million MSMEs, spanning from agriculture to essential services, these businesses constitute 60.5% of Indonesian GDP and employ 97.0% of the workforce.
South-east Asia’s largest economy pushes foreign tech groups to invest locally or lose market access.
Indonesia is planning to import 1 million tons of rice no later than end-2024, according to Chief Food Affairs Minister Zulkifli Hasan on Monday.
