Naver Invests $150m in Indonesian Media Firm
JAKARTA – Naver Corp., South Korea’s top internet portal operator, said Wednesday it has made a strategic investment of $150 million in Indonesian media giant Emtek to strengthen its foothold in the Southeast Asian market. Emtek operates broadcast channels, as well as the over-the-top service…
IMF Cuts Indonesia Growth Projection Amid Global Upgrades
JAKARTA -The International Monetary Fund (IMF) has revised on Tuesday its 2021 global economic growth projection upward as a boost from the United States giant fiscal stimulus would propel the global economy while emerging countries like Indonesia underperform. The IMF World Economic Outlook projected the global economy would recover from…
Indonesia Aims to Reach 600,000-Unit Annual Production of Electrified Vehicles by 2030 – Report
JAKARTA -Indonesia aims to reach an annual production volume of electrified cars by 2030, said the country’s minister of industry Agus Gumiwang Kartasasmita according to CNN Indonesia. Meanwhile, the country has also aimed for an annual production figure of 2.445 million electric bikes in that time,…
Krakatau Steel to Build 40 MW Floating Solar Power Station
JAKARTA -State-owned steelmaker Krakatau Steel plans to build a 40 megawatt (MW) floating solar photovoltaic (PV) power station in Banten to power the operations of its water treatment subsidiary, PT Krakatau Tirta Industri (KTI). KTI signed a US$14 million deal on Monday with energy company…
Indonesia’s Next Digital Boom Lies Beyond Metropolitan Cities
CLAUDIA CHONG JAKARTA – THE next wave of growth in Indonesia’s digital economy will come from non-metropolitan areas, according to research from Kearney and venture capital firm Alpha JWC Ventures. In tier two and three cities, the multibillion-dollar sectors of e-commerce, payments and lending are…
Batam, Bintan to Soon Be Opened for Foreign Tourists
JAKARTA -Tourism and Creative Economy Minister Sandiaga Uno said the government would prioritize to open doors for international tourists in Batam and Bintan, Riau Islands, before Bali, as the two regions are considered to be more ready. “This is because Batam-Bintan are far more ready [than Bali],” Sandiaga…
Indonesia: New capital city to be completed by 2024
JAKARTA -State palace will start soon in order to meet the target completion date of 2024, said the planning minister. Suharso Monoarfa told Anadolu Agency on Wednesday that the initial budget estimate for the construction of the new capital city was 466 trillion Indonesian rupiahs…
Indonesia’s exports projected to grow 4 percent in 2021
JAKARTA – Indonesia’s exports are expected to grow by 4 percent this year to support the government’s economic growth target of 5-5.5 percent, according to Indonesian Minister of Trade Muhammad Lutfi. Lutfi said global agencies, such as the International Monetary Fund (IMF) and the Organization for…
Incheon airport signs Indonesia deal
JAKARTA -Korea’s main airport operator said Sunday it will participate in a 600 billion-won ($530 million) airport development project in Indonesia. The Incheon International Airport Corp. (IIAC) has formed a consortium with Indonesia’s state-run airport operator PT Angkasa Pura 1 (AP1) and local construction firm…
Moody’s assigns (P)Ba2 to Bank Negara Indonesia’s Tier-2 notes program
JAKARTA -Moody’s Investors Service has assigned a (P)Ba2 long-term foreign currency subordinate debt rating to the Tier-2 notes component of Bank Negara Indonesia (Persero) Tbk (P.T.)’s (BNI) euro medium-term note program. The rating does not apply to individual securities issued under the program. The ratings…