Business and Investment
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Minister Mahfud Md reveals 84% of corruptors in Indonesia are university graduates
In a recent address at the State University of Padang, Coordinating Minister for Political, Legal, and Security Affairs, Prof. Dr. Mahfud Md, disclosed that 84% of corrupt individuals in Indonesia hold university degrees.
Wuling collaborates with state-owned enterprises for electric vehicle ecosystem
Wuling Motors has announced a strategic collaboration with three Indonesian state-owned enterprises (BUMN) to facilitate the widespread adoption of electric vehicles (EVs) and create a comprehensive electric vehicle ecosystem.
Freeport Indonesia plans to increase shares in PT Smelting as part of its long term commitment
President Joko 'Jokowi' Widodo officially inaugurated the operational expansion project of the copper smelter owned by PT Smelting in Gresik, East Java.
Bluewater strengthens its presence in Southeast Asia by merging with Indonesian company PT PIPA
Bluewater, a prominent international water and beverage purification group, is poised to formalize a strategic partnership with PT PRAN INDO PERMATA ABADI (PT PIPA), a distinguished sustainable water engineering company based in Indonesia.
HIMKI collaborates with a Chinese machinery manufacturer to enhance global competitiveness
The Association of Indonesian Furniture and Handicraft Industries (HIMKI) has forged a strategic alliance with a leading Chinese manufacturer specializing in Woodworking Machinery and advanced technology hardware.
ExxonMobil construct new facility to improve oil production in Cepu Block
ExxonMobil Cepu Ltd (EMCL) is actively working to monetize gas by-products from the Banyu Urip Field within the Cepu Block as a strategic move to counter the recent decline in oil production, which currently stands at 140,000 barrels of oil per day (bopd).
US's ThorCon to Cooperate with Indonesia's State Owned Company to Develop the Country's First Nuclear Power Plant
A subsidiary of United States-based nuclear power plant company ThorCon, PT ThorCon Power Indonesia has a plan to cooperate with State Owned Enterprise to establish a joint operating company in developing Nuclear Power Plant. Chief Operating Officer PT ThorCon Power Indonesia Bob Effendi explained that the effort is carried out to create a transfer of technology." We hope that in our journey we will make an operating company with one of the state owned company , so a transfer of technology can be apllied," saidBob in Jakarta on December 13 as reported by Kontan.Bob added his party has delivered a roadmap for the construction of nuclear power plant to The Nuclear Energy Regulatory Agency (Bapeten).Based on the plan, Thorcon Molten Salt Reactor 500 MW (TMSR 500) project worth Rp 17 trillion would be able to strat commercial operation.He reiterated that in the final meeting with the Nuclear Eanergy Regulatory Agency, the agency said there is no issue with Thorcon's nuclear power plantroad map study. " Until now, the agency has not seen any issue regarding the schedule," explained Bob.The result of the Nuclear Energy Regulatory Agency 's study is estimated to be completed by March 2024. The construction of the power plant will be started inJune 2025.The procurement of the equipment and devices will be done in 2027.Finaly the critical process will be started in 2028."It means there will be nuclear reaction there. Then in 2029, we hope that we can secure operational license from the agency," said Bob.Then,in 2030 the operation of the first nuclear power plant in Indonesia will begin following the securing of the SLO certificate from Energy and Mineral ResourceMinistry.Bob explained so far there is no change in the plan in term of investment value and the location of the nuclear power plant." We can make sure that the location will be at Gelasa Island in Central Bangka," he added.
PLN invites startups to collaborate in energy transition
PT PLN (Persero) urges Indonesian startups to collaborate within its ecosystem, addressing challenges in the energy transition. PLN aims to leverage innovation from startups to overcome deficiencies in its energy transition program.
Batang Industrial Zone secures IDR 3 trillion investment for industrial zone expansion
PT Kawasan Industri Terpadu Batang (KITB) in Central Java announces investments totaling IDR 3 trillion for its phase two expansion, with foreign investors securing land for industrial use.
Indonesia Battery Corporation and LG are in talks to construct a cathode manufacturing facility valued at IDR 12.48 trillion in the Batang region
PT Industri Baterai Indonesia, also recognized as Indonesia Battery Corporation (IBC), is currently immersed in extensive discussions with LG Energy Solution Ltd (LGES) with the objective of establishing a cathode manufacturing facility within the Integrated Industrial Zone of Batang, situated in Central Java.
Excess nickel supply and reduced demand for electric vehicles (EVs) pose threats to Chinese nickel miners in Indonesia
Over the past decade, China has played a significant role in Indonesia's expanding nickel industry. However, with a substantial drop in nickel prices, certain Chinese miners are feeling the impact.
TikTok resumes operation following closure in October 2023
TikTok Shop resume its operation in Indonesia on December 12 ,2023 after Indonesian government closed it on October 2023. This time, Tiktok has a cooperation with Indonesian company Tokopedia.PT GoTo Gojek Tokopedia Tbk, the largest digital ecosystem in Indonesia, and TikTok, the leading global entertainment platform, announced a mutually beneficial strategic partnership to drive long-term growth for Indonesia’s MSME sector and the country’s digital economy as a whole.As part of the agreement, Tokopedia and TikTok Shop Indonesia’s businesses will be combined under the existing PT Tokopedia entity in which TikTok will take a controlling stake. The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity.TikTok has committed to invest over US$1.5bn in the enlarged entity over time, to provide future funding required by the business, without additional dilution to GoTo. The arrangement will allow both TikTok and GoTo to each serve Indonesian consumers and MSMEs more comprehensively. GoTo will benefit from the growth of the enlarged entity and will remain an ecosystem partner to Tokopedia, through its digital financial services via GoTo Financial and on-demand services via Gojek. GoTo will also receive an ongoing revenue stream from Tokopedia commensurate with its scale and growth.The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators. The first campaign will be the Beli Lokal initiative which will launch on December 12th, coinciding with Indonesia’s National Online Shopping Day (Harbolnas) - a government program designed to grow Indonesia's digital economy by supporting local MSMEs. The campaign, which will be available on TikTok as well as Tokopedia, will promote a broad range of merchants, with a strong focus on Indonesian products. The Beli Lokal offering on TikTok will enable its community to engage and shop with the local merchants they know and love.Going forward, TikTok, Tokopedia and GoTo will transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five years. More than 90 percent of the combined business’s merchants are MSMEs and the companies will undertake a series of joint initiatives to support them, including:1.The promotion of Indonesian products on Tokopedia and TikTok’s platforms2.Building the capacity of Indonesia's MSMEs through a holistic program focusing on skills development and providing resources relating to upstream production and selling3. Supporting merchants to sell products online by providing support in areas such as marketing, branding, and sustainable business practices4.Helping local brands to promote their products in international markets5. The establishment of technology centers across Indonesia to develop local tech talent6. Ensuring a marketplace that fosters fair competition.The transaction, which is expected to close in the first quarter of 2024, is in line with the GoTo Group’s strategy to strengthen its financial and strategic position by growing its total addressable market. To ensure the PT Tokopedia business continues to operate in the best interests of Indonesia's digital economy, a committee under the enlarged entity will be established to facilitate transition and integration, chaired by GoTo Group CEO Patrick Walujo, with support from members of both businesses.Goldman Sachs is acting as the financial advisor to GoTo Group on this transaction.