• Monday, January 21, 2019

Indonesia Economy Forum

Discussion in 'China & Far East' started by Pirupiru, Jul 26, 2012.

  1. pr1v4t33r

    pr1v4t33r SENIOR MEMBER

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    Infrastructure: How Indonesia could shift up a gear

    Next year Indonesia will host the annual meetings of the International Monetary Fund and World Bank in Nusa Dua, Bali. This is a big deal: these meetings leave Washington only once every third year and involve thousands of high-level participants. In announcing that Indonesia would host the 2018 meetings, IMF Managing Director Christine Lagarde said that it would be 'a great opportunity to showcase Indonesia's impressive economic and social achievements'.

    jakarta.jpg

    What will the meeting participants make of the Indonesian economy? It will be 21 years since the 1997 Asian Crisis. This did enormous harm to Indonesia, and the scars still show. In the three decades before the crisis, Indonesian GDP grew at an average annual rate of 7%. Since then, macro-policy has been more cautious and foreign markets have remained unhelpfully sceptical (for instance, consider their readiness to list Indonesia among the 'fragile five' in 2013). Post-Suharto democracy and the devolution of power to the local level of government have both presented additional challenges for economic policymakers. Nevertheless, Indonesia has maintained a steady 5%-6% growth rate, with only a tiny hiccup during the global crisis of 2008. This is no match for China or India, but it is enough to double GDP every 15 years, giving rise to confident predictions that Indonesia will be the fourth biggest economy by the middle of this century.

    Thus Lagarde's positive sentiment has a solid core of substance. It will, however, be hard for meeting participants to make their own judgement if they remain confined to the artificial enclave that is Nusa Dua. This area – part of the almost self-contained Bukit Peninsula attached onto the southern end of Bali – is a miracle of urban planning in a country characterised by unremitting urban chaos. The Bukit Peninsula was largely uninhabited until the late 1960s, as it had no water. This isolation provided a unique opportunity; when piped water made development feasible, strict regulation kept building heights down (lower than the coconut palms, at least in theory), roads were built wider, and broad areas were devoted to tropical gardens and a golf course. Beaches are kept free of the plastic rubbish that is ubiquitous elsewhere. Development is exclusively tourist-oriented. A security checkpoint as you enter the Nusa Dua hotel enclave offers some reassurance to the nervous visitor.

    Any conference visitor who crosses over the isthmus into Bali itself, beyond the airport freeway that slices through the mangrove lagoon, will see a different Indonesia – one that cries out for infrastructure spending. Visitors to the iconic village of Ubud (of Eat, Pray, Love fame) will find this trip, which used to take about an hour, is now more likely to take two. While the choked roads may be the infrastructure deficiency most apparent to foreigners, they hardly notice the greater problem of electricity shortages. All their hotels are equipped with 'emergency' generators whose routine use keeps their air conditioners going. Power shortages are not the only issue. Anywhere in Indonesia, only the brave or foolhardy would drink the water straight from the tap – that is, if they were lucky enough to have piped water.

    During the Suharto period, Indonesia spent around 4% of GDP on infrastructure. This fell drastically with the crisis (especially with cancellation of large power generation projects). Even with the subsequent recovery, infrastructure spending is running at around 2.5% of GDP, half the pace the latest Asian Development Bank (ADB) Asian infrastructure report says is necessary.

    The electricity projects cancelled during the 1997 crisis might have had questionable governance, but if they had gone ahead their output would have found a ready market. Similarly, Jakarta's abandoned urban rail would have offered an alternative to the notorious traffic jams.

    Let's be more positive. This drastic infrastructure deficiency can be seen not as a problem, but as an opportunity. In a world concerned by secular stagnation and demand-deficiency, Indonesia has lots of good investment projects. While some outlandish schemes are put forward from time to time, there is very little chance that any half-sensible infrastructure project (whether in power, transport or telecommunications) would turn out to be a white elephant for lack of demand. Any extra capacity will have a high social return.

    President Joko Widodo has made infrastructure a priority. Much has been done (or is in process) to expand electric capacity. Still more capacity is needed, with this making up over half of the ADB's budget of infrastructure requirements. Indonesia's per capita electricity consumption is less than one tenth of Australia's. A limited mass rail system is under construction in Jakarta, although a decent network is still many decades away. Meanwhile new tollways have sped up some journeys, at least until you leave the tollway to join the regular road system.

    Of course finance is a challenge. The ADB approach is to estimate what could be financed from the government budget, and assume (or hope?) that the private sector comes up with the balance. But this gives too large a role for Public-Private Partnerships (PPPs). On past experience (including in Australia), the private partner usually manages to shift the risk back to the public sector, benefiting from successful projects and unloading loss-makers onto taxpayers. Indonesia will have to rely more on funding either from the budget or from state-owned enterprises (SoEs). Currently over half of Indonesia's infrastructure is funded from the budget, with SoEs providing about a third, leaving the private sector contributing a tenth. It is not realistic to think that this share will radically increase.

    Indonesia starts with low government debt, but the budget deficit cannot exceed 3% of GDP, by law. The obvious candidates to take a greater role are the SoEs, but there are still governance concerns. Funding solutions involving 'value capture', or more effective pricing of infrastructure services, are often discussed but rarely implemented.

    In any case, the constraints on expanding infrastructure are more often to be found in detailed implementation. Land acquisition is painfully slow. The list of operationally 'shovel-ready' projects is not long, despite the demonstrable needs.

    Those who cross over from Nusa Dua's hotel enclave to look at the real Indonesia will witness everywhere the small-scale entrepreneurial vibrancy that refutes the World Bank's ranking of Indonesia's ease-of-doing-business – 91st out of 190. If only the government could get its act together on infrastructure, Indonesia could easily shift up a gear, to grow at the same 6-7% seen in China and India. This small acceleration is worthwhile: 7% growth would double GDP every decade.

    https://www.lowyinstitute.org/the-interpreter/infrastructure-how-indonesia-could-shift-gear
     
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  2. UMNOPutra

    UMNOPutra FULL MEMBER

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    ------
    [​IMG]
     
  3. Marine Rouge

    Marine Rouge ELITE MEMBER

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    Garment exports projected to stagnate this year
    • Stefani Ribka
      The Jakarta Post
    Jakarta | Tue, March 28, 2017 | 01:00 pm
    [​IMG]Sritex workers slog away at the company's factory in Surakarta, Central Java. (JP/Nani Afrida)

    The Indonesia Textile Association (API) projects that garment exports will stagnate this year after declining by 3.2 percent to US$11.9 billion last year.

    “It’s good if it’s stagnant. Last year it declined because there are several problems that still persist in the country, though there have been some improvements in facilities from the government to boost the sector,” API chairman Ade Sudrajat told The Jakarta Post recently.

    Problems include contradictory policies between central and local administrations, complicated tax procedures, inadequate infrastructure that leads to high logistics costs and electricity and gas prices that are higher than neighboring countries.

    (Read also: Indonesia aims to be the biggest military uniform exporter)

    Besides internal challenges, Ade said the Indonesian textile business also faced tough competition in trying to expand its share of the international market. He called on the government to expand trade agreements with big buyers.

    “Indonesia can lobby the United States to expand its GSP [Generalized System of Preferences] for more Indonesian garment items so more of our product can enter the country with lower tariffs,” he added.

    The US is Indonesia’s biggest garment importer.

    Despite the challenges, the association acknowledged some improvements in logistics, such as the establishment of dozens of bonded warehouses.

    The association also acknowledged that the activation of more cargo lines from Gedebage Station in West Java – known as a center for garment production – to Tanjung Priok Port in Jakarta had boosted exports. (bbn)

    http://www.thejakartapost.com/news/2017/03/28/garment-exports-projected-to-stagnate-this-year.html
     
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  4. nufix

    nufix FULL MEMBER

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    And our middle class is over 57% aka 146 million in 2010, consumer cohort will reach 90 million in 2020. That explains why Malay's now begging indonesians to spend money on Malay's crappy products (remember Proton?) :cheesy::cheesy:

    http://www.umdcipe.org/conferences/DecliningMiddleClassesSpain/Papers/Afif.pdf
     
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  5. pr1v4t33r

    pr1v4t33r SENIOR MEMBER

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    Indonesia’s Fearless Finance Minister Is Ready for Her Next Fight
    Rekindling her youthful activism, Sri Mulyani Indrawati wants to recharge Southeast Asia’s largest economy

    The mood at the meeting should have been tense. Seventy bank analysts gathered in January at the Indonesian Ministry of Finance, a sprawling stylistic mix of art deco and 19th century East Indies colonial, and made their way to a tower dubbed “the devil’s building” for the hexagram formed by its blue-tinted windows.

    [​IMG]

    Hostile questions for the finance minister, Sri Mulyani Indrawati, seemed inevitable; some of the attendees might even stage a protest. JPMorgan Chase & Co. analysts had, following the U.S. presidential election, put a sell order on Indonesia’s equities. The finance ministry’s response was swift, decisive, and resolute: the immediate termination of all business partnerships with the bank. Now two weeks had passed, and JPMorgan had reversed its bearish call, but the shiver was still reverberating through the research arms of global banks as the ministry considered preventing them from issuing negative reports. (JPMorgan declined to comment.)

    readmore: https://www.bloomberg.com/news/feat...-finance-minister-is-ready-for-her-next-fight
     
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  6. Marine Rouge

    Marine Rouge ELITE MEMBER

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    During First Indonesia Visit
    Jakarta. Indonesia and France will sign various agreements to further strengthen strategic partnerships and bilateral relations during French President François Hollande's first state visit on Wednesday (29/03).

    The French Embassy in Jakarta said in a statement on Monday that Hollande will be accompanied by Defense Minister Jean-Yves Le Drian, Digital Sector and Innovation Minister Christophe Sirugue, members of the French parliament and around 50 business leaders.

    According to the Indonesian Ministry of Foreign Affairs, Hollande's visit will focus on strengthening partnerships on maritime affairs and the creative economy.

    In the maritime sector, France and Indonesia will hold a meeting focusing on partnerships that are in line with sustainable development. In the creative economy, the two countries will focus on economic reform in accordance with developments in the digital age.

    Additionally, agreements on other sectors such as sustainable urban development, research, technology, higher education, defense and tourism are also expected to be signed by the French delegation and their Indonesian counterparts.

    The strategic partnership between Indonesia and France began in July 2011. Bilateral trade between the two countries was valued at more than $2 billion in 2016.

    Hollande's visit is expected to bring in more than $2.6 billion in investment; spread across energy, infrastructure and the retail business sectors. The visit is also expected to produce 34 memoranda of understanding.

    In addition, French businesses are also making investments worth hundreds of millions of dollars in cosmetics, rubber processing, agriculture and other sectors.

    This is the first visit by a French head of state to Indonesia since that of President François Mitterrand in 1986.

    Hollande's visit to Jakarta is the last leg of his Southeast Asian tour. He was also scheduled to visit Malaysia and Singapore.
     
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  7. pr1v4t33r

    pr1v4t33r SENIOR MEMBER

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    Indonesia stocks hit record high
    At the close in Jakarta, the IDX Composite Index added 0.93% to hit a new all time high.

    [​IMG]

    Rupiah Menguat, IHSG Cetak Rekor Tertinggi Sepanjang Masa 5.592. Indeks Harga Saham Gabungan (IHSG) sore ini naik 51 poin ke 5.592. Catatan ini menempatkan IHSG pada posisi tertinggi sepanjang masa.

    Sementara nilai tukar rupiah terhadap dolar Amerika Serikat (AS) sore ini menguat tipis. Dolar AS berada di posisi Rp 13.303 dibandingkan posisi pada perdagangan kemarin sore Rp 13.309.

    https://finance.detik.com/bursa-dan...hsg-cetak-rekor-tertinggi-sepanjang-masa-5592


    France pledges $2.6 billion for Indonesia as Hollande visits

    France pledged $2.6 billion in investments for Indonesia and affirmed deepening ties with Southeast Asia's biggest economy during a visit Wednesday by President Francois Hollande. Indonesian President Joko "Jokowi" Widodo welcomed the new commitment by French investors to increase their involvement in the energy, infrastructure and retail industries.

    [​IMG]

    Jokowi and Hollande witnessed the signing of five memorandums of understanding covering defense, sustainable urban development, research, technology and tourism, and also agreed to increase cooperation on maritime issues, fisheries and creative industries such as film and fashion.

    "We have had a strategic partnership since 2011 and we want to deepen it through a number of agreements," Hollande said at a news conference. He said France is keen to boost the sale of Airbus jets to airlines in Indonesia, an archipelago of about 14,000 islands and more than 250 million people.

    Hollande's two-day visit to Jakarta is the last leg of his Southeast Asian tour. He also visited Malaysia and Singapore. It is the first visit by a French head of state to Indonesia since 1986.

    The two leaders said they support the "two-state solution" to ending the conflict between Israel and Palestine and acknowledged the importance of spreading the values of tolerance to combat extremism and terrorism.

    Jokowi said he was grateful that the French government had not gone ahead with a plan to nearly triple a tax on palm oil to 300 euros ($327) a ton.

    Palm oil is a booming industry in Indonesia and neighboring Malaysia, but is also notorious for the destruction of tropical forests and abuses in its plantation work force, which numbers 16 million people in Indonesia alone.

    "We appreciate that the French government has not supported discriminatory treatment against Indonesian palm oil," Jokowi said.

    Indonesia has a plan to make the palm oil industry sustainable, he said.

    https://www.yahoo.com/news/france-pledges-2-6-billion-101456707.html
     
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  8. CountStrike

    CountStrike FULL MEMBER

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    First electric vessel wins praise from shipyard industry
    • Stefani Ribka
      The Jakarta Post
    Jakarta | Wed, March 29, 2017 | 10:56 am

    Industry Minister Airlangga Hartarto (left) and shipbuilders pose in front of the first Indonesian electric vessel MV Iriana, built by PT Sumber Marine Shipyard, in Tanjung Uncang, Batam, on March 25. (Antara/Try Reza Essra)


    Shipbuilders have lauded the launch of Indonesia's first electric sea vessel, the MV Iriana, named after First Lady Iriana Joko Widodo.

    “This proves that we should no longer doubt local capability to build international standard vessels. There are many examples of them,” Eddy K. Logam, chairman of the Indonesian Shipbuilding Association (Iperindo), said over the phone on Tuesday.

    State firm PT PAL Indonesia exported a warship to the Philippines in May last year. Thailand and Vietnam have reportedly ordered warships from the firm. Turkish company Karpowership plans to a build floating power plant with the firm.

    (Read also: Indonesia's state-owned manufacturing enterprises aim to go global)

    MV Iriana is the first electricity-powered vessel made locally. The vessel is a cement carrier with a 9,300 deadweight tonnage capacity. It is 117 meters in length, 25.5 meters in width and has a 10 knot speed.

    It was launched on the site of the maker, PT Sumber Marine Shipyard, in Tanjung Ucang, Batam, Riau, on Saturday. The vessel was ordered by shipping service provider PT Pelayaran Andalas Bahtera Baruna.

    Its launch, Industry Minister Airlangga Hartarto claimed, made Indonesia the third country to build a vessel with an electric propulsion system in Asia after Japan and Taiwan.

    The building of the MV Iriana took one year and involved 800 workers. Most of the steel came from PT Krakatau Posco, a joint venture between state steel producer PT Krakatau Steel and South-Korea-based Posco. (bbn)
     
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  9. pr1v4t33r

    pr1v4t33r SENIOR MEMBER

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    Benoa cruise terminal to be ready in 2018

    In anticipation of an influx in high-end tourists on cruise ships, Indonesia is developing a cruise terminal in Benoa, Bali, which is expected to be ready in 2018. Once its construction is completed, the terminal will be able to accommodate three cruise ships at the same time.

    [​IMG]

    Indroyono Soesilo, an advisor to the Tourism Ministry, said in 2016 that 260,000 tourists came to Indonesia on cruise ships. He estimated the number would drop to 200,000 this year because of a lack infrastructure.

    “Indonesia has many interesting tourist destinations, but infrastructure for cruise ships is not ready,” Indroyono said.

    Currently, cruise ships stopping in Bali have to moor off shore and bring passengers ashore on small boats.

    In line with the government’s pledge to boost tourism, state-owned seaport operator PT Pelindo III is upgrading Benoa Port into a cruise terminal.

    The development of the Benoa cruise terminal is expected to boost the number of tourist arrivals by cruise ship to 500,000 by 2019.

    http://www.thejakartapost.com/news/2017/03/29/benoa-cruise-terminal-to-be-ready-in-2018.html
     
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  10. Marine Rouge

    Marine Rouge ELITE MEMBER

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    lores possibility of cooperation with Singapore in vocational education
    Minggu, 26 Maret 2017 09:11 WIB - 0 Views

    Batam, Riau Islands (ANTARA News) - The Indonesian Industry Ministry is looking into the possibility of establishing cooperation with Singapore in developing vocational education in the industrial sector, Industry Minister Airlangga Hartarto said.

    "I have met the Singapore education minister and industry minister. We will encourage cooperation in vocational education. The cooperation will be part of the commemoration of 50 years of relations between the two countries," he said in Batam, Riau Islands, on Saturday, while commenting on the result of his recent visit to Singapore.

    The cooperation will enable vocational schools to apply for curricula under a dual-system pattern to produce skilled workers according to the need of the industrial sector, he noted.

    "There will be a leader retreat in Singapore in Sept to follow up on the outcome of a similar meeting held in Kendal (Central Java)," he added.

    The vocational education, which applies a dual-system approach, will enable students not only to learn the theory but also to spend much of their time on job training.

    While in Singapore, he also discussed the possibility of providing Indonesian students with more access to participate in the apprenticeship program in Singapore manufacturing industries.(*)
    Editor: Heru

    COPYRIGHT © ANTARA 2017
     
  11. Robin Wong

    Robin Wong FULL MEMBER

    New Recruit

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    Indonesia gears up for more high-profile state visits
    Jakarta | Thu, March 30 2017 | 01:04 am

    [​IMG]

    While the dust has barely settled after the recent visits of Saudi Arabia’s King Salman bin Abdulaziz Al Saud, numerous leaders from around the Indian Ocean rim and French President Francois Hollande, the State Palace is gearing up to roll out the red carpet for at least two more heavyweights in the coming months.

    Jakarta is preparing to welcome outgoing Afghan President Mohammad Ashraf Ghani for a state visit on April 5, officials said, marking the first time in history as the first Afghanistan leader who set foot in Indonesia. One week after that, Jakarta will also host United States Vice President Mike Pence on his first high-level outing to the region, as revealed by Coordinating Political, Legal and Security Affairs Minister Wiranto earlier this week.

    "Indonesia has been expecting a lot of state guests lately, with the Afghanistan president planning to visit by next week and the US vice president likely a day after the Jakarta election," Cabinet Secretary Pramono Anung said at the palace on Wednesday.

    He said the recent spate of state visits showed how Indonesia's political stability had gained acknowledgement worldwide, and that despite all the struggles of democracy, many of the world's leaders appreciated the work Indonesia had done.

    "In the global context, this shows that Indonesia is becoming a beacon of hope and a focus of attention amid a fast-paced, changing world," he said.

    ---snipped---

    http://www.thejakartapost.com/news/2017/03/16/indonesia-gears-more-high-profile-state-visits.html

    ******

    Afghan President to Visit Indonesia Next Week, Strengthen Peace-Building Collaboration
    Jakarta | Thu, March 30, 2017 | 10:11 pm

    [​IMG]

    Jakarta. Afghan President Mohammad Ashraf Ghani is scheduled to visit Indonesia next week, where he will meet with President Joko "Jokowi" Widodo to discuss peace-building efforts in Afghanistan, a Foreign Affairs Ministry official said on Thursday (30/03).

    Ghani's first official visit to Indonesia on April 5-6 is expected to strengthen relations between the two countries, Ferdy Piay, director general for South and Central Asia at the Foreign Affairs Ministry, said.

    "The Afghan president wants to see Indonesia’s experience in conflict resolution as an example of 'best practice' that can be applied to current troubles in Afghanistan, in the hopes that our input might support reconciliation processes there," Ferdy said during a press briefing in Jakarta.

    He added that Indonesia is eager to continue its ongoing support for peace-building processes in Afghanistan by enhancing programs meant to strengthen national institutions.

    Ferdy cited collaboration in police and anti-money laundering training as essential to supporting peace-building in that country.

    Ghani is also expected to learn about Indonesia’s counter-terrorism efforts and deradicalization programs in the hopes of applying new techniques to his own country's programs.

    In regards to future economic links between the two Muslim-majority nations, there is reason to be hopeful.

    Foreign Affairs Ministry spokesman Arrmanatha Nasir said that although trade between Indonesia and Afghanistan is limited – annual trade measured only $16 million in 2016 – the Central Asian country is a potential market for Indonesian exports.

    Ferdy said Afghanistan’s position as a landlocked nation has made monitoring trade more difficult, as most of Indonesia’s export goods are forced to travel through a third country, such as Pakistan or Iran, before they can reach Afghanistan.

    He also cited banking transactions as another factor slowing trade with Afghanistan.

    However, trade-related issues are expected to be addressed at a business forum, scheduled for April 6, between the Afghan delegation and their Indonesian counterparts.

    Ghani is also expected to sign four memoranda of understanding with Jokowi on collaborations in education, agriculture, statistics and public administration sectors.

    The Afghan leader will also hold a meeting with religious scholars from Indonesia's two largest Islamic associations – Nahdlatul Ulama and Muhammadiyah – at the Istiqlal Mosque in Central Jakarta during his visit, Ferdy added.

    According to Ferdy, scholars from some of Indonesia's smaller Islamic organizations are expected to attend.

    Ghani’s visit to Jakarta is part of an international tour to the region, including stops in Australia and Singapore.

    http://jakartaglobe.id/foreign-affa...week-strengthen-peace-building-collaboration/

    ******

    US Vice President Mike Pence to Visit Indonesia in April 2017
    Jakarta | Mon, March 23, 2017 | 10:11 pm

    [​IMG]

    US Vice President Mike Pence will reportedly visit Japan, Indonesia and Australia next month as part of an Asian tour amid concerns the Trump administration is rolling back Barack Obama's "pivot to Asia".

    US President Donald Trump has already withdrawn from the Trans-Pacific Partnership (TPP) trade agreement, which was seen as an economic pillar of the strategy.

    The tour will also include South Korea, the Nikkei Asian Review reported, with North Korea's missile and nuclear programs and South Korea's political crisis likely topics for discussion.

    China has been infuriated by South Korea's plan to deploy a US missile defence system, targeted at the North Korean threat, and South Korea is going through political turmoil after the dismissal of its president in a corruption probe.

    Indonesia's chief security minister said Pence would meet President Joko Widodo to discuss terrorism and other security issues on his visit.

    "We discussed the planned visit of US vice president Mike Pence to Indonesia and the strategic problems that can be on the agenda to discuss with our president,"
    chief security minister Wiranto told reporters after meeting the US ambassador to Jakarta.

    ---snipped---

    http://www.smh.com.au/world/us-vice...lia-asia-in-april-report-20170313-guxaqn.html
     
    Last edited: Mar 30, 2017
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  12. pr1v4t33r

    pr1v4t33r SENIOR MEMBER

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    Indonesia the world biggest Islamic bonds issuer

    The Indonesian government has been the largest global sukuk (shariah bond) issuer issuing bonds worth US$13.1 billion after it routinely issued US dollar-denominated Islamic bonds since 2009, Director General of Finance and Risk Management at the Ministry of Finance, Robert Pakpahan, said here, Thursday.

    He explained that the number of Global Sukuk issuance by the Indonesian government has reached 25.67 percent of the total US dollar-denominated sukuk issuances in the world market, which until March 29, 2017 has reached US$ 53.14 billion.

    The Global Sukuk issued by the Indonesian government is higher than those issued by the Emirates of Dubai at US 7 billion, the Malaysian government at US$6.9 billion, the Turkish government at US$4.8 billion and the Qatari government at US$4.7 billion.

    readmore: http://www.antaranews.com/en/news/110226/indonesia-the-world-biggest-islamic-bonds-issuer
     
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  13. Svantana

    Svantana FULL MEMBER

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    Malaysia started importing corn from Indonesia. 4 Million Tons for this year.

    Corn farmers in Lamongan, East Java successfully penetrated markets neighbor country, Malaysia.
    Tuesday afternoon, five officials from Malaysia's Ministry of Agriculture to conduct a survey, book 4 million tons of corn for this year.



     
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  14. pr1v4t33r

    pr1v4t33r SENIOR MEMBER

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    Freeport agrees to Indonesian demands
    AFTER a prolonged period of negotiations and open conflict with the Indonesian government, American mining giant PT Freeport Indonesia has agreed to meet the requirements of new legislation.

    [​IMG]

    Legislation introduced in January requires Freeport to convert its business contract into a special mining licence, dictating the company must divest 51 percent of shares in its local subsidiary within a decade and build a new US$2 billion smelter.

    Indonesian Energy and Mineral Resources Minister Ignasius Jonan told a parliamentary committee on Thursday that Freeport has finally agreed to allow its contract to be converted into a newly-regulated special mining permit.

    The company, which owns world’s largest gold and second-largest copper mine, had previously said it would refuse to meet the Indonesian government’s demands. This would have seen Indonesia’s longest-running international investor pull out after more than four decades.

    readmore: https://asiancorrespondent.com/2017/03/mining-giant-freeport-agrees-indonesian-demands/
     
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  15. nufix

    nufix FULL MEMBER

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    Damn this is a big victory for Indonesian government
     
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