Business and Investment
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National Capital City (IKN) project advances with construction of residential towers and key infrastructure development
The National Capital City Project (IKN) for June 2023 continues with various government infrastructure developments for various agencies.
Indonesia's Industrial Confidence Index reached highest point in June 2023 as manufacturing industry expands and businesses show more optimism
The Ministry of Industry recorded that the Industrial Confidence Index (Indeks Kepercayaan Industri - IKI) had reached a score of 53.94 in June 2023, showing an increase of 3.03 points compared to the previous month's score of 50.90.
President Jokowi's partiality with Freeport sparks controversy over export relaxation
Fahmy Radhi, energy economics observer from Gadjah Mada University (UGM) criticized President Joko 'Jokowi' Widodo’s partiality with PT Freeport Indonesia (PTFI). Radhi argued that the relaxation of mineral exports provided for PTFI is a form of discrimination against other companies.
Bank Indonesia to integrate cross-border payment systems with Singapore via QRIS by the end of 2023
Bank Indonesia (BI) will be integrating cross-border payment systems with the Quick Response Code Indonesian Standard (QRIS) network with Singapore at the end of 2023.
Patimban port construction to be completed in 2029
The Patimban Port, located in West Java, is one of the National Strategic Projects (PSN). With a total investment value of IDR 40 trillion, the entire development of the port is targeted to be completed by 2029.
DP World partners with Pelindo for US$ 400 million investment in BNCT drives economic growth in Indonesia
Dubai Port World, a port operator company from the United Arab Emirates (UAE) is collaborating with PT Pelindo (Persero) in the field of investment and operation of a new container terminal in Belawan New Container Terminal (BNCT), North Sumatra worth US$ 400 million.
SEG Solar Inc and ATW Group establish solar panel manufacturing industry in Indonesia worth US$ 500 million
US solar power company, SEG Solar Inc. is collaborating with Indonesian company ATW Group with an investment of US$ 500 million (IDR 7.5 trillion) to build a solar panel and module manufacturing industry in the Batang Integrated Industrial Area (KITB), Central Java.
ADB supports Indonesia's power plant conversion project with JETP funding
The Asian Development Bank (ADB) is providing its support for PT Pembangkit Listrik Negara (PLN) (Persero) in submitting funding for a project to convert a diesel power plant into a gas and steam power plant (PLTGU) through the Just Energy Transition Partnership Investment (JETP) program.
Indonesia shifts palm oil market focus to Africa amidst EU deforestation regulations
Indonesia, as one of the major global producers of palm oil, is strategically reassessing its export destinations in light of the recent deforestation regulations imposed by the European Parliament. The country is now eyeing Africa as a potential market for its palm oil products, signaling a significant shift in its trade dynamics.
Government prepares for departure of international oil companies
International oil and gas companies are slowly leaving projects in Indonesia. Chevron will be leaving the Indonesia Deepwater Development (IDD) project in East Kalimantan, while Shell will be leaving the Masela Block, which is a giant natural gas project in Maluku.
Electrum begins construction of electric motorbike factory in West Java with ambitious production targets
PT Energi Kreasi Bersama (Electrum), a joint venture company of PT TBS Energi Utama Tbk (TOBA) and PT GoTo Gojek Tokopedia Tbk (GOTO) has begun construction of an electric motorbike factory in Cikarang, West Java.
PGE-Chevron consortium secures tender for Way Ratai geothermal working area in Lampung
PT Pertamina Geothermal Energi (PGE) and PT Jasa Daya Chevron had won the tender for the Way Ratai geothermal working area (WKP) in Lampung.