There’s a whiff of 1998 in the Jakarta air as investors flee Indonesia’s currency and the stock market.
Trade
The outflows are nowhere near those that toppled then-dictator Suharto. His downfall came amid the chaos of the Asian financial crisis. Massive street protests forced the military officer-turned-president to resign in May 1998.
France and the European Union or EU are partnering to make two of Indonesia’s busiest ports safer through a series of capacity-building activities over the coming years.
Delegates gained a deeper understanding of investment opportunities during a four-day mission to Indonesia.
The global nickel market is facing new turmoil, with the world’s two top producers considering significant financial and production changes.
Indonesia is set to impose an anti-dumping import duty on nylon film from China, Thailand and Taiwan, according to a finance ministry regulation published on Wednesday.
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.
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.
