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To Increase Geothermal Energy, PGE Allocates IDR 34.4 Trillion until 2026


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Photo: "PLN cooperates with PGE to work on PLTP Ulubelu Lampung and PLTP Lahendong North Sulawesi". PLN Doc.

Jakarta, Indonesia CNBC - PT Pertamina Geothermal Energy, a business unit of PT Pertamina (Persero) in the field of geothermal energy ( geothermal ) budgeted investment of US $ 2.46 billion, or around Rp 34.4 trillion (assuming an exchange rate of Rp 14,000 per US $) to 2026 is coming.

This was conveyed by Sentot Yulianugroho, Government & Public Relations Manager of PT Pertamina Geothermal Energy to CNBC Indonesia.

Sentot said the investment budget was used to develop three Geothermal Power Plant (PLTP) projects that the company is currently working on, including PLTP Lumut Balai Unit 2 with a capacity of 55 mega watts (MW) in South Sumatra, PLTP Hululais 2 x 55. MW in Bengkulu, and PLTP Sungai Penuh 55 MW in Kerinci, Jambi.

"Until 2026, the total investment for development is US $ 2.46 billion," he told CNBC Indonesia, Thursday (25/02/2021).

Based on PGE data, until 2019 Pertamina has an installed PLTP capacity of 672 MW. Pertamina manages five geothermal areas, three geothermal development projects, and three geothermal exploration fields.


Five geothermal projects that have been operating include PLTP Kamojang Unit IV, PLTP Lahendong Unit I-VI, PLTP Ulubelu Unit I-IV, PLTP Karaha Unit I, and PLTP Lumut Balai Unit I.

Sentot said that the Lumut Balai Unit 2 project is currently in the auction process for the procurement of EPCC ( Engineering, Procurement, Construction and Commissioning ) production facilities and PLTP. He also estimates that this project will only operate after the next two years.

"It is hoped that by the middle of the year the construction can start running. Normally construction usually takes 24 months," he said.



Meanwhile, for the Hululais PLTP project, according to him, his party is still waiting for PLN's readiness, because later PLN will build its power plants, while PGE is preparing a steam field and production facilities to supply geothermal steam to its power plants.

As for the Sungai Penuh PLTP project, according to him, an assessment is being carried out.

Because the development of these three projects is still being carried out, according to him this year there will be no additional PLTP capacity from PGE.

"It seems there is not yet," when asked if there is an additional capacity of PLTP PGE this year.


As is known, the Ministry of State-Owned Enterprises (BUMN) is preparing to form a Geothermal SOE Holding. PGE is one of the companies that will join the Geothermal SOE Holding. Two other companies include PT PLN Gas & Geothermal, PLN's business unit in geothermal renewable energy, and PT Geo Dipa Energi (Persero).

Based on data from the Ministry of Energy and Mineral Resources (ESDM), until 2020, the installed capacity of the national PLTP will reach 2,130.7 MW, there is no addition to the installed capacity in 2019.

This means, when compared to the total national installed capacity, the PLTP capacity from PGE contributes 31.5%.



 

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Microsoft to establish first datacenter region in Indonesia as part of Berdayakan Ekonomi Digital Indonesia initiative


Feb 25, 2021 | Indonesia News Center​



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Jakarta, Indonesia, 25 February 2021 – Microsoft today announced its Berdayakan Ekonomi Digital Indonesia initiative, which marks a significant commitment to advancing growth and digital transformation for Indonesia, its vibrant developer and startup ecosystem, enterprises, and the public sector. As part of the plan, Microsoft will establish its first datacenter region in Indonesia to deliver trusted cloud services locally, with world-class data security, privacy, and the ability to store data in country. Microsoft also announced plans to skill an additional 3 million Indonesians to achieve its goal of empowering over 24 million Indonesians by the end of 2021, through its long-established skills programs designed to create inclusive economic opportunities in the digital era.


Today’s announcement will play a pivotal role in accelerating the country’s digital transformation, toward its vision of becoming Southeast Asia’s leading digital economy. According to research from IDC, Microsoft’s investment in Indonesia is expected to generate up to USD $6.3 billion in new revenues from the country’s ecosystem of local customers and partners. In addition, its cloud-consuming businesses are expected to contribute 60,000 jobs to the local economy, over the next four years*.


“As a leading global provider of advanced cloud solutions, Microsoft’s investment to establish local datacenters, digital skilling and collaboration with the Government of Indonesia will support local innovation, economic recovery, and digital transformation. The Ministry of Communication and Information welcomes Microsoft’s plans to establish a local datacenter region with highly secure and compliant cloud services, which will benefit local businesses, government, and individuals across all sectors. We also welcome Microsoft’s commitment to increase the capacity of Indonesian digital talent across all skill levels,” Mr. Johnny G. Plate, Minister of Communication and Information, Indonesia.


“Microsoft has a long-term commitment to Indonesia’s growth. Today’s announcement is our most significant investment in the 26 years we have been established here. I am delighted that we are helping to empower Indonesia to realize its vision to lead the region’s digital transformation. From ecommerce to agriculture, Indonesian businesses across all sectors are gaining a digital advantage with the agility, security and scale offered by Microsoft’s cloud services. With a local datacenter region, businesses will have faster access to cloud services and the ability for data to be stored in country. To ensure everyone can take advantage of the digital opportunities ahead, we will continue to support digital skilling, with a new program that will reach over 24 million Indonesians by the end of 2021,” said Jean-Philippe Courtois, Executive Vice President and President, Microsoft Global Sales, Marketing and Operations.


“We’re proud to support Indonesian businesses and governments in their move to the trusted cloud with Microsoft. Over the last 26 years, we have been empowering industries across Indonesia and preparing Indonesians with future ready skills to improve their employability. Today’s announcement validates our Berdayakan Ekonomi Digital Indonesia initiative, to empower every person and every organization in Indonesia to achieve more. With more than 150 employees and 7,000 partners across Indonesia’s 17,000 islands, Microsoft’s significant presence in Indonesia has actively supported the startup community and ecosystem. Leading companies such as Bukalapak, Pertamina, and The Ministry of Agriculture have benefited from Microsoft’s global scale cloud services and have expressed their commitment to using Microsoft Cloud from the new region when it is available,” said Haris Izmee, President Director for Microsoft Indonesia.


Accelerating digital agility across Indonesia


With the new datacenter region, Indonesia will join the world’s largest cloud infrastructure with over 60 datacenter regions announced to date. Businesses of all sizes and industries will have access to Microsoft Azure at launch, which enables anyone to invent with purpose using cloud services and capabilities that span computing, networking, databases, analytics, artificial intelligence, and Internet of Things (IoT). Microsoft delivers enterprise-grade data security and privacy. With more than 90 compliance certifications, Microsoft meets a broad range of industry and regulatory entity standards.


To support customer needs for high-availability and resiliency in their applications, the new datacenter region will feature Azure Availability Zones, which are unique physical locations equipped with independent power, network and cooling for additional tolerance to datacenter failures. The Indonesia datacenter region will also support Microsoft’s sustainability goals, including its commitment to shift to 100 percent supply of renewable energy in Microsoft datacenters by 2025.


“Our partnership with Microsoft is transforming e-commerce and operations for merchants in Indonesia. With a trusted local datacenter region, we will help our 6.5 million merchants, 7 million Bukalapak partners and more than 100 million customers achieve business resiliency in the face of the pandemic. Equally, our combined efforts in skilling merchants and our employees will empower the digital economy, improving employability, creating opportunities, and transforming lives,” said Rachmat Kaimuddin, CEO of Bukalapak.


“Pertamina and Microsoft have a strong collaboration in accelerating digital transformation and empowering Indonesia’s digital economy. I welcome Microsoft’s commitment to establish a datacenter region in Indonesia, which will enable every Indonesian business to embrace the digital economy and create disruptive innovation,” said Nicke Widyawati, President Director, Pertamina.


“We welcome Microsoft’s commitment to establish a datacenter region in Indonesia, which will give even more opportunities for joint programs in enhancing the agricultural digital ecosystem. Agriculture is one of Indonesia’s critical industries where with the support of real-time, data driven innovation through sensors on the field connected with the cloud as well as providing digital farming capability training for Young Farmers it can make an enormous positive impact on Indonesia’s economy,” said Mr. Syahrul Yasin Limpo, Minister of Agriculture of Indonesia.


Empowering Indonesia’s workforce with future-ready skills


As part of the Berdayakan Ekonomi Digital Indonesia initiative, Microsoft will empower individuals with the skills they need to succeed in a cloud and AI-enabled future, by developing talent pipelines for high-demand skills, while increasing the employability of Indonesians. A continuation of Microsoft’s commitment to skills training in Indonesia over the last 26 years, the company will work with government and industry stakeholders to skill an additional 3 million people, bringing the total to 24 million Indonesians skilled by the end of 2021. This initiative, in collaboration with four universities and the Ministry of Communications and Information, extends across backgrounds, including students and teachers, those in mid-career, home makers and people from disadvantaged communities. The skills initiative will empower Indonesians in AI, cybersecurity, and data science through a digital literacy curriculum.


*IDC Info Snapshot, sponsored by Microsoft, The Microsoft Cloud Dividend Snapshot: Indonesia, Doc. # US47443521, February 2021

 

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Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan. (B1 Photo/Joanito de Saojoao)

It's Never About Tesla Car Factory: Luhut
BY :HERMAN

FEBRUARY 25, 2021​

Jakarta. Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said that the Indonesian government was still in discussion with American electric car maker Tesla about its investment plan in Southeast Asia's largest economy, which never includes a plan for a car manufacturing facility.

"We never talk about car manufacturing plant," Luhut said on Thursday.

Instead, Luhut mentioned investment opportunities in sectors that would benefit from Indonesia's nickel resources.

"They actually have six [businesses]. One of them is Tesla electric car. Then there are Starlink, launching pad, hypersonic flights, lithium battery pack, and energy storage, which what we are talking about," he said.

"Why? Indonesia is the largest nickel ore producer in the world, so they acknowledge our potential," Luhut said.

Luhut was trying to dispel speculations that Tesla lost interest in Indonesia might the following news that the company has decided to open a manufacturing car plant in India.

"So, everyone fussed over nothing regarding the Tesla electric car in India. Also, it is planned for 2025 anyway. Will that happen? We don't know," Luhut said.

Luhut's comment lifted nickel producers' share prices on Thursday. State-controlled miner Aneka Tambang (Antam) saw its shares traded at Rp 2,950 apiece at 1:43 p.m on Thursday, up 1.38 percent from yesterday's close price.

Shares of Vale Indonesia, the Canadian mining giant's local unit, rose 0.4 percent to trade at Rp 6,325 apiece.

Indonesia's electric car battery push has driven the rally in Indonesia's nickel producer in the past three months. Antam shares rose 147 percent over the period, while Vale increased 37.5 percent.

State-Owned Enterprises Minister Erick Thohir said Indonesia was steadfast in its goal to turn the country into a global car battery supplier over the next decade.

"Apart from the Indonesian market, it has natural resources that must be maintained consistently. One of which is nickel. We don't want raw nickel to be sent abroad. It has to be processed domestically," Erick said.

Currently, several state-owned companies have joined forces to involve in the plan, including state utility company Perusahaan Listrik Negara, miner holding Indonesia Asahan Aluminium (Inalum), state energy company Pertamina.

The state-owned companies established a holding company, called the Indonesia Battery Corporation, to involve in the integrated supply chain, from mining and processing to manufacturing and distribution of the batteries.

South Korea's LG Energy Solution and China's largest car battery maker Contemporary Amperex Technology (CATL) have agreed to invest in Indonesia, taking part in its battery-making ecosystem.


 
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AlhamduliLLAH......

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Medco drills new gas well offshore in South Natuna Sea

Norman Harsono
The Jakarta Post
Jakarta / Tue, August 11, 2020 / 10:12 am

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An oil and gas rig in the offshore Kepodang Field in the Muriah Block operated by Saka Energi Muriah Limited. (SKK Migas/SKK Migas.)


Publicly-listed oil and gas company PT Medco Energi Internasional has tapped into a new gas well in the aging South Natuna Sea Block B, located in the waters of the Riau archipelago.

The company, through subsidiary Medco E&P, said on Monday the new Kaci-2 gas well, located 2,359 feet below the seafloor, would produce an estimated 13 million metric standard cubic feet per day (mmscfd) of gas once full production begins. Medco did not give a date.


Medco’s new gas well will raise the block’s gas production by 7 percent after production reached 183 mmscfd as of this year’s first half, according to Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) data. The new gas well also aids the block’s transition into a gassier asset amid declining oil production, which dipped by 11 percent year-on-year to 16,286 barrels per day in 2019.

“The success of drilling Kaci-2 opens opportunities for exploring new potential,” said Medco E&P president director Ronald Gunawan in a statement. The block’s transition reflects Indonesia’s own transition into a gassier economy.

SKK Migas aims to double domestic gas production over the decade to 12,300 mmscfd by 2030, turning the country – once a global oil exporter – into a major gas exporter in Asia Pacific. SKK Migas head Dwi Soetjipto said that Medco’s new gas well was “quite strategic” as, apart from helping raise domestic gas production, it also “strengthened Indonesia’s activity in the outermost regions.

” Medco acquired the block from Japan’s Inpex Corp and the United States’ ConocoPhillips between 2016 and 2017. The acquisition included several gas infrastructures bringing the fuel into Malaysia and Singapore.

Stocks of the company, traded at the Indonesia Stock Exchange (IDX) with the code MEDC, jumped 3.8 percent on Monday as the benchmark, the Jakarta Composite Index (JCI), gained 0.27 percent. The shares have lost more than 43 percent of their value so far this year.

 

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PT Medco Energy is a major energy company in Indonesia, but the CEO is now a Westerners by reading to this news below, the owner itself is Indonesian, Arifin Panigoro. The company is in second position in term of energy business in Indonesia, after giant state owned PT Pertamina.




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Medco begins piping gas from offshore Meliwis field in East Java

Norman Harsono
The Jakarta Post
Jakarta / Tue, July 21, 2020 / 02:09 pm



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The Bualuang oil field operated by Medco Energi Internasional in Thailand is pictured in this undated file photo. (Handout/Medco Energi Internasional)


PT Medco Energi Internasional, Indonesia’s second-biggest homegrown oil and gas company, has begun piping natural gas from the Offshore Madura Block in East Java.

The publicly listed company piped 20 million metric standard cubic feet per day (mmscfd) of gas from the Meliwis Field in the Madura Block on July 13, Medco said in a statement on Monday. The gas will be channeled through an 11 kilometer underwater pipe to industries in East Java.

Medco CEO Roberto Lorato said the company was able to safely complete the project in four years' time “despite operational and logistical challenges due to the COVID-19 pandemic.” The company's stocks, traded at the Indonesia Stock Exchange (IDX) with the code MEDC, has increased by 2.17 percent as of 12:52 p.m. Western Indonesia Time (WIB), as the main gauge, the Jakarta Composite Index (JCI), strengthened 1.01 percent.

Medco initially planned to begin piping the gas in June, a month earlier than realized, according to Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) records. The Meliwis Field is one of 12 upstream oil and gas projects slated to begin operations this year, most of which are gas projects, similar records show.

Raising domestic gas production is one of the government’s many efforts to boost Indonesian exports and subsequently curb the country’s widening trade deficit, which continues to put pressure on the rupiah exchange rate.

 

Indos

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Alhamdulillah, good decision that we are waiting for.....

Skak Mat to Vietnam Lobster farmers :chilli:

We want to grow Lobster inside the country instead, huge demand from China is a hint of how lucrative this business is, particularly after China bans Lobster from Australia....:bunny:

It was banned during Susi Pujiastuti period and during short period of Prabowo as fishery minister it was allowed but then he gets caught getting the bribery and now under new Minister the ban is RE-IMPOSED.....


Minister of KKP Trenggono Bans Export of Lobster Seeds
NEWS - Syahrizal Sidik, CNBC Indonesia

28 February 2021 15:50

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Jakarta, CNBC Indonesia - Minister of Marine Affairs and Fisheries Wahyu Sakti Trenggono said he would ban the export of lobster or fry.

According to Trenggono, fries are Indonesia's natural wealth, so they must provide welfare for fishermen by cultivating them up to consumption levels. Thus, this can provide higher added value than selling the fry overseas.

"Certainly, I will ban the export of lobster seeds, why, because the fry, it is the wealth of this nation, the wealth of Indonesian nature, it can only be cultivated to the size of consumption, because the added value is a measure of consumption," said Minister Trenggono. , in a broadcast on the KKP's Instagram account, quoted by CNBC Indonesia, Sunday (28/2/2021).

He further said that if the government allows clear lobster seeds (BBL) to be exported abroad, then what will benefit is the export destination country that buys the fry.

"If BBL is sold, I don't know how much it costs. A rich country buys money, because he can hold it for a year, he can get figures of tens or even hundreds of percent increases," he said.

Therefore, he ensured, during his tenure, the export of fry would be stopped after the corruption case involving the former Minister of Maritime Affairs and Fisheries was also a politician from the Gerindra Party, Edhy Prabowo. Minister of Sakti will also involve the police to prevent and oversee the export of fry.

"Now in my day, I say it's been on hold, due to that case, but I declare in front of all of you, I will definitely stop, and that we will ask the Chief of Police for help to always prevent the problem of fry, what we can do is to cultivation, "he said.

 

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In July, BUMN Battery Holding Will Be Officially Formed, This is the Name!

NEWS - Emir Yanwardhana, CNBC Indonesia


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Photo: Illustration of a battery in an electric car packed in safe components. electrec.co

04 March 2021 20:01

Jakarta, CNBC Indonesia - The Ministry of State-Owned Enterprises (BUMN) is forming a consortium of a number of BUMNs to build an integrated battery industry from upstream to downstream which is planned to be named PT Industri Baterai Indonesia (IBI).

PT IBI is targeted to be officially formed no later than July 2021.

This was revealed by the President Commissioner of PT Mining Industri Indonesia (MIND ID), Agus Tjahajana Wirakusumah. Agus explained that the name of this holding company has been determined. However, the company's capacity and detailed plans are still being discussed.

"The name is PT Industri Baterai Indonesia (IBI) with about a quarter of each BUMN involved. The investment plan depends on our upstream capacity," he said in the program 'Zooming With Primus: Prospects for Battery Holding Formation'. which was also broadcast on the BeritaSatu YouTube channel, Thursday (4/3/2021).

Agus explained, there are four BUMNs involved in the ownership of this BUMN battery holding with 25% share ownership each. Starting from PT Pertamina (Persero), PT Aneka Tambang Tbk (Antam), PT PLN (Persero) and PT MIND ID.

As an illustration, PT IBI is planned to be able to make electric batteries with a total power of 195 giga watts (GW) by consuming 150 thousand tons of nickel per year. But in the first stage, only 33 GW of electric battery production is set until 2030.

"The investment value if 33 GW until 2030 is around US $ 13 billion. If the capacity increases by 70% or 140 GW in the second phase, the investment value could reach US $ 17 billion. This is also investment with foreign partners," he explained.

Agus explained, will create six joint subsidiary ( joint venture ) with foreign investors in the first stage. These six companies will enter into the electric battery manufacturing ecosystem, from upstream to downstream.

On the same occasion, the Special Staff of the Ministry of BUMN, Arya Sinulingga, confirmed this. When the holding is officially established, a joint venture business unit will be formed in partnership with foreign companies that enter the electric battery industry. The cooperation will include the smelter refining business line to the electric battery recycle process .

"For example, the refining smelter is JV with Antam, the cathode is JV with Pertamina, the battery cell and battery pack can be with Pertamina and PLN," he explained.

"... That is a plan in the near future. In the near future. We are proceeding quickly so that we can build (this holding) we are already moving and we are discussing cooperation with Chinese partners or others," he added.

 

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Delayed Indonesian broadband satellite SATRIA fully funded
by Jason Rainbow — March 3, 2021
A rendering of the SATRIA satellite
SATRIA satellite artist rendition. Credit: Thales Alenia Space

TAMPA, Fla. — Indonesia’s government has secured financing to continue manufacturing the SATRIA broadband satellite, although its intended orbital slot remains up in the air.
Thales Alenia Space started developing the Ka-band spacecraft in September after receiving partial financing, which spokesperson Sandrine Bielecki told SpaceNews covered work up until this point.
Bielecki said the program can continue uninterrupted now the project has secured about $545 million in funding, partly backed by France’s Bpifrance export-credit agency. It has been operating in “full swing” since September “with already many design milestones achieved,” a company official added.
About $431 million of SATRIA’s funding package is debt, with the rest financed through equity.
Domestic satellite operator Pasifik Satelit Nusantara (PSN), which is providing the equity element through a public-private partnership, said earlier that Bpifrance is guaranteeing loans provided by Banco Santander, HSBC and Korea Development Bank (KDB).
South Korea’s state-run KDB said it committed $126 million to the project. Asian Infrastructure Investment Bank (AIIB) has committed $150 million.
The financing documents were completed during a virtual ceremony held Feb. 26 in the Presidential Palace of Indonesia, attended by the country’s President Joko Widodo.
Beaming more than 150 gigabits per second over the entire Indonesian territory, SATRIA aims to narrow the digital divide by connecting around 90,000 schools and 40,000 hospitals and public buildings. It will also link regional government sites that are currently outside of satellite and terrestrial networks.
Thales Alenia Space announced in July 2019 that it had been selected as prime contractor for SATRIA but delays in financing the project meant a preliminary work agreement came more than a year later on Sep. 3, 2020.
The delay reportedly helped put SATRIA on course to miss a regulatory deadline to start services from its 146°E orbital slot by March 2022.
Indonesia’s government has asked the International Telecommunication Union, which regulates orbital slots, for a deadline extension, citing COVID-19 disruption, reported The Jakarta Post in November.
The country’s government is also considering plans to keep the slot by moving another spacecraft to 146°E in the meantime, or use another orbital filing entirely, the newspaper added, citing a government press briefing. At the time, the newspaper said the government was forecasting a delay to launch SATRIA from March 2023 to the fourth quarter of that year.
SpaceX has been lined up for SATRIA’s launch, which Thales Alenia Space told SpaceNews “is planned for the first semester of 2023”.
PSN was unable to comment before this report was published.

 

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Alhamdulillah, February trade data still posted surplus for 2.01 billion USD

 

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OECD ups Indonesia's GDP growth forecast

The Jakarta Post
PREMIUM
Jakarta / Mon, March 22 2021 / 01:00 am



The Organization for Economic Cooperation and Development (OECD) recently upgraded its economic growth projections for Indonesia on the back of an expected rebound in consumer spending and exports.

In its latest outlook in March, the OECD raised its gross domestic product (GDP) growth projection by 0.9 percentage points to 4.9 percent for this year and by 0.3 percentage points to 5.4 percent for 2022.

“Looking ahead, the OECD projects a return to almost 5 percent growth in 2021 with momentum building up in the coming years,” Ángel Gurría, the outgoing secretary-general of the OECD, said in a virtual presser on Thursday.

“Now, the important factor is the global trade revival, which will help Indonesian exporters, [spending] pick up.” The upgraded outlook came after Indonesia raised its national economic recovery (PEN) budget by 20.6 ...

 

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DBS points to digital economy, EVs, infrastructure as 2021 growth drivers for Indonesia

Dzulfiqar Fathur Rahman
The Jakarta Post
PREMIUM
Jakarta / Tue, March 23, 2021 / 03:28 pm

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A screenshot shows the promotional poster for DBS Indonesia's "Reimagining the Future of Indonesia", a virtual discussion held on March 22, 2021 as part of its Asian Insights Conference series. (PHOTO CREDIT: www.dbs.com)(JP/Wendra Ajistyatama)

The digital economy, electric vehicles (EVs) and infrastructure are this year’s prominent sectors according to an economist at Singapore’s DBS Bank, who has made the projection based on accelerated digitalization and the government’s investment focus during the pandemic.

DBS Economics and Macro Strategy senior vice president Radhika Rao said the recent shift in consumers to e-commerce platforms, the government’s partnership with EV manufacturers and the recently established Indonesian Investment Authority (INA) would be key economic drivers for 2021.

“Everything has now moved online, so that the digital economy has really taken off,” Rao said at the DBS Indonesia Asian Insights Conference 2021 titled "Reimagining the Future of Indonesia", held virtually on Monday. “And because of that, if you have seen product lines like c.

 

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Fitch Affirms Indonesia at 'BBB'; Outlook Stable

Mon 22 Mar, 2021 - 8:16 AM ET


Fitch Ratings - Hong Kong - 22 Mar 2021: Fitch Ratings has affirmed Indonesia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook.

Fitch forecasts Indonesia's GDP growth to recover gradually to 5.3% in 2021 and 6.0% in 2022, from a contraction of 2.1% in 2020 induced by the Covid-19 pandemic. The recovery is being supported by government stimulus spending and net exports, including from improved commodity prices.

We expect growth momentum to be further supported in the near term by fiscal relief measures and infrastructure spending. Growth, nonetheless, remains subject to significant downside risk from weak domestic demand, including consumption of services, as Covid-19 infections continue to spread.

The authorities started their vaccination program in January and aim to reach herd immunity by 1Q22, an optimistic target in Fitch's view. Over the medium term, we expect growth to receive a boost from implementation of the Omnibus Law on Job Creation, which aims to alleviate several long-standing barriers to investment.

 

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State owned Battery Holding Indonesia is officially formed. AlhamduliLLAH. Hopefully all the plans can be realized and it will be very profitable, Amen ya Rabbal Alamin.

 
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