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Tag: Indonesia

  • Plug and Play to invest in dozens of Indonesian start-ups

    Plug and Play to invest in dozens of Indonesian start-ups

    Indonesia is a few steps closer to becoming the largest digital economy in the region, as one of Silicon Valley’s largest players, Plug and Play, has expressed interest in investing in dozens of Indonesian start-ups.

    Despite Silicon Valley firms being discouraged from investing abroad recently, Plug and Play seems to see huge potential in Indonesia’s digital economy, as the US tech giant signed a joint venture agreement with local investment firm Gan Kapital to establish Plug and Play Indonesia.

    State-owned lenders Bank Negara Indonesia (BNI) and Bank Tabungan Negara (BTN) will be actively involved in the mobile financial technology-focused start-up accelerator.

    The local branch will be officially established next January and invest in up to 50 early-stage start-ups per year. They will receive funding, mentorship and complimentary co-working space for a three-month period.

    Plug and Play CEO and founder Saeed Amidi said the company hoped to establish 200 Indonesia start-ups in its portfolio by 2020 in response to the visit of Indonesian delegates, led by President Joko “Jokowi” Widodo earlier this year.

    “It took us a few months to come here but we are super excited to start this journey together and work together to build a better economy, what we call knowledge-based economy and digital economy, here in Indonesia,” he said following a meeting with the President on Tuesday.

    During his visit to Plug and Play’s headquarters in Silicon Valley, as part of his visits to the headquarters of US technology giants, Jokowi expressed his expectation to have the company partake in Indonesia’s efforts to become Southeast Asia’s biggest digital economy.

    He even wrote “Start it up together, prosper together” at Plug and Play’s headquarters, from which up to 100 start-ups across the globe are developed every year, including Dropbox, with US$3.5 billion in funds raised by its start-ups since 2006.

    Gan Kapital Group chief financial officer Wesley Harjono, who will also be managing director of Plug and Play Indonesia, said it will allocate around $10 million per year for the 50 start-ups that they have chosen to support.

    “If there are 50 start-ups and we give an average of $500,000 per start-up, then we can prepare $10 million per year,” he stated, adding that start-ups would also enjoy exposure to the global market in hopes that investors abroad would also start to take part.

    Communications and Information Minister Rudiantara highlighted the importance of Plug and Play’s presence in Indonesia to attract more foreign investment in the country’s e-commerce sector.

    “He has come here even at a time when Silicon Valley is being discouraged from investing abroad. He said he is confident about Indonesia and this is a positive factor,” he said.

    The government issued its 14th economic policy package last week, aimed at supporting the digital economy. The government expects the new policy package, dubbed the e-commerce road map, to create 1,000 “technopreneurs” and $130 billion in business value by 2020.

    The road map is intended to better protect national interests and give priority to small and medium enterprises and start-ups, and will offer grants or subsidies to boost their chances of surviving in the tough e-commerce industry.

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  • Air BP, AKR sign JV agreement in Indonesia

    Air BP, AKR sign JV agreement in Indonesia

    Air BP, the international aviation fuel products and services supplier, and AKR, an Indonesian distributor of chemicals, petroleum, logistics and supply chain solutions, have announced the signing of a JV agreement. The agreement was signed in London by Mr Jonathan Wood, Chief Strategy and Business Development Officer, Air BP, and Mr Haryanto Adikoesoemo, President Director of AKR.

    The JV company, PT Dirgantara PetroIndo Raya, will operate under the name of Air BP-AKR Aviation, with the remit to develop an aviation fuel business in Indonesia.

    Indonesia is one of the world’s fastest growing aviation markets where domestic travel is projected to grow by an average of 15% per year, reaching 180 million passengers in 2021. The market is being driven by the strong economy with a growing middle class, an archipelago geography and increased tourism. Indonesia is now the world’s fifth largest domestic market, behind only the US, China, Japan and Brazil.

    “Air BP sees a great future for aviation in Indonesia and is pleased to be involved in this market and contribute to its future development and success,” said Wood.

  • MPPA opens its premium supermarket format in Denpasar, Bali

    MPPA opens its premium supermarket format in Denpasar, Bali

    The Foodmart Primo is a professionally designed upmarket supermarket with a café, “boutique” bakery and restaurant, offering a high level of local and imported goods in a pleasant ambience for a more enjoyable shopping experience.

    Director of Foodmart Operations, Dave Rao stated “Level 21 Mall is a life-style mall. Our presence is to provide a “one-stop” experience for the customers, whereby they can enjoy shopping at the various outlets as well as eat, drink and get their complete daily/weekly groceries at Foodmart Primo – all under one roof. Our assortment also includes handicrafts, souvenirs, aromatherapy, local snacks and more to cater to the large tourists precence in Bali.”

    ”To date, the Company had already established a presence in the Kuta area and has been looking for an opportunity to venture further into the residential parts of Bali. So when a location in the Level 21 lifestyle mall in Denpasar became available, MPPA took the opportunity to open another Foodmart Primo there.” he added.

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  • AirAsia moves into new open-space headquarters

    AirAsia moves into new open-space headquarters

    After announcing that it would relocate to a new office in 2014, budget carrier AirAsia finally moved into its new space in Sepang, Malaysia, on Monday.

    The office, dubbed RedQuarters, is located on an 18,000-square-meter plot beside Kuala Lumpur International Airport 2 ( KLIA2 ). It is reportedly set to house 2,000 AirAsia employees.

    With features like indoor grass and colorful, stylish furniture, the huge open-plan office breaks away from conventional office stereotypes. AirAsia told that the design was intended to reflect the company’s determination to become Malaysia and the region’s best airline, “while incorporating elements showcasing the professional, fun and friendly attitudes.”

    The company threw a celebratory opening party at the new headquarters featuring local entertainers SonaOne and Joe Flizzow.

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  • Matahari Department Store Launches MatahariStore.com

    Matahari Department Store Launches MatahariStore.com

    The launch of MatahariStore.com has provided more opportunities for the company and for the development of online and retail industries in Indonesia as research from Google and Temasek shows that e-commerce will contribute to nearly 60 percent of Indonesia’s overall online market, leaving behind online ticketing and ride-hailing booking services.

    “Through the retail stores, mobile applications and now with the newly-launched online platform, we believe that we can become an omni-channel retail player,” Christian said.

    MatahariMall.com will run all MatahariStore.com transactions and will provide content, a secure payment system and delivery of products.

    MatahariStore.com will also implement an online to offline strategy — which allows customers to shop online and pick up their goods at the retailer’s nearest delivery hub — with features that allow customers to pay, receive and return products at any of Mataharimall.com’s 649 delivery hubs across Indonesia.

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  • Oppo Joins Hands with Tokopedia

    Oppo Joins Hands with Tokopedia

    OPPO has officially established a partnership with e-commerce company Tokopedia to market its best products, such as its best-selling product OPPO F1s.

    “Our cooperation with Tokopedia is an added value to our customers throughout Indonesia,” OPPO Indonesia CEO Ivan Lau.

    Ivan said that OPPO’s customers who cannot be reached by OPPO’s physical stores will be able to get OPPO products through Tokopedia. In addition, he said, OPPO’s excellent sales volume in Tokopedia had also been factored in. “It was one of the reasons behind the strategic cooperation with Tokopedia.”

    Tokopedia CEO William Tanuwijaya said that Tokopedia users, known as Toppers, will be able to enjoy the ease of payment for OPPO products, ranging from cash payments via convenience stores and post offices to interest-free credit card installments.

    Tokopedia boasts two million pageviews per month, making it as one of the best distribution channels for many brands, including OPPO.

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  • Indonesia can weather financial market volatility

    Indonesia can weather financial market volatility

    Despite concerns about volatility in the financial markets for the remainder of the year, experts are upbeat that Indonesia can withstand the turmoil, citing sound fiscal and monetary conditions as the prime driver of hope.

    The domestic bond market is particularly a concern as investors will remain jittery over how the global economy will develop given the lack of clarity in the policies of US president-elect Donald Trump.

    JPMorgan Securities Indonesia managing director and head of investment banking David Dharma Thomas said global investors were currently waiting for policy direction from Trump, who promised an expansive fiscal policy through infrastructure spending next year to propel growth.

    With expected higher economic growth in the US, he said inflation was predicted to surge, and thus encourage the US Federal Reserve to raise its fund rate.

    “The market has already priced in the potential higher rates in the US. With the new president-elect, I think it’s very likely for the Fed to basically increase the rate sooner rather than later,” he said.

    Such a situation would put pressure on Indonesia’s US dollar bond market, David said, as most of the debt papers’ pricing was based on US Treasury bills with 10- to 30-year tenors.

    Yields for 10- and 30-year Treasury bills stood at 2.12 percent and 2.93 percent, respectively, at close of trading on Nov. 10, according to Indonesia Bond Pricing Agency (IBPA) data.

    David said most of the holders of Indonesia’s US dollar bonds were foreign investors through global fund managers. This will encourage them to benchmark the local yields versus the higher-yielding assets offered in more mature markets, specifically those in the US.

    “When rates in the US are going up, obviously people will demand better yields from emerging market papers including from Indonesia,” he said, adding that there would always be risks of capital reversals during volatile times.

    However, David believed the government and Bank Indonesia (BI) had done well enough to cushion the impact of the volatility, such as through the tax amnesty program that was received positively by investors as a means of improving state revenue and foreign fund inflows through repatriation.

    He said the government’s plan to issue bonds for the 2017 allocation early, at the end of this year, would also help the government anticipate the risks that may unfold next year.

    Mega Capital Indonesia fixed income analyst Adra Wijasena said a Financial Services Authority (OJK) regulation issued earlier this year requiring insurance firms and pension funds to invest a minimum 20 percent of their funds in government bonds (SBN) had also helped ease the risks of fund outflows.

    “The policy has lowered the volatility risk and reduced foreign domination,” he said, adding that 38 percent of Indonesia’s government bonds were still held by foreign investors.

    Adra acknowledged global volatility had cut investors’ appetites for sovereign bond (SUN) auctions planned before year-end.

    If the incoming bids turned out to be below expectations, he said, the government would have to pay higher yields, which would then lead to higher costs of funds.

    “If the auction is not successful enough, the government can offer the debt through a private placement scheme,” he said, pointing to a scheme in which the government directly sold its debt papers to certain state institutions, such as BI, the OJK, regional administrations and major dealers.

    Edward Lee, the head of Southeast Asia equity capital markets with Deutsche Bank believed the financial market remained attractive despite the global turmoil as could be seen by Indonesia’s stock index outperforming its peers this year as a result of substantial fund inflows.

    The inflows amounted to between US$2.6 billion and $2.7 billion yearto-date, higher than the $1.7 billion in the same period last year.

    “There are clearly external factors beyond the control of the government, but I think with respect to the measures the government took on the macroeconomy, we feel that backdrop will be supportive of a continued improvement of the stock index and the whole environment of corporate earnings,” he said.

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  • Japan still deeply tied to Indonesia

    Japan still deeply tied to Indonesia

    Despite the seemingly robust investment coming from China, the government claims it has not forgotten Japan and stresses that its foreign investment and trade policies are not all about China.

    China beat Japan to secure the contract for Indonesia’s first high-speed railway project connecting Jakarta and Bandung in West Java. Furthermore, President Joko “Jokowi” Widodo has met with Chinese President Xi Jinping five times since the former was elected president in late 2014.

    Meanwhile, Jack Ma, founder and chairman of Chinese e-commerce giant Alibaba Group, previously agreed to become Indonesia’s e-commerce advisor and may continue to do so.

    This series of events, and several others, may suggest that Indonesia has shifted its economic orientation more toward China, the world’s second largest economy, from its “traditional” partners, including Japan.

    The government, however, strongly dismisses this notion. “There is a perception that we have only made deals with China recently,” Coordinating Maritime Affairs Minister Luhut Binsar Pandjaitan said after a meeting at his office recently.

    “But investments from Japan are still larger than those from China,” he added, trying to reassure those concerned that Japan remained Indonesia’s priority partner.

    Japanese investments are indeed larger than China’s and the amount of foreign direct investment (FDI) from Japan to Indonesia is set to reach between US$3.5 billion to $4 billion by the end of the year, according to the Japan International Cooperation Agency (JICA).

    Nonetheless, data from the Investment Coordinating Board (BKPM) show that Japan and China do appear to be locked in a tight race.

    While Japan has consistently put itself on the list of top three foreign investors and places in second position as of September, China has crept up over the past two years and has entered the big league as well.

    China even trailed behind Japan at number three in terms of realized foreign investment in the first nine months of 2016.

    The government, however, is inching closer to signing major agreements with Japan, a move that will strengthen the latter’s investment dominance.

    The agreements will see Indonesia reach financial closure from Japan for the deep-sea port development project in Patimban, West Java, in early 2017.

    The project is among various national strategic projects that will generate more ease in the distribution of goods shipped into the country.

    As much as US$1.7 billion in foreign loans are expected to be channeled into the project and the Indonesian government will also provide an additional $595 million to finance it.

    The Patimban Port will be located about 70 kilometers from the Karawang Industrial Estate in West Java.

    It will have a container capacity of 1.5 million 20-foot equivalent units (TEUs) once it is partly completed by 2019 and then 7.5 million TEUs by 2027, which is half the capacity of Tanjung Priok Port in Jakarta.

    Luhut said Japan would be involved in managing Patimban once it was completed, which is a plus in the government’s view as the Japanese are expected to transfer their knowledge in port management to their Indonesian counterparts.

    Luhut said the government would expedite the settlement for all administrative problems in the project, including ones related to spatial planning (RTRW) within the next two weeks.

    During that two-week period, the government will also formulate a financing scheme for another strategic project, a railway line connecting Jakarta to Surabaya in East Java.

    The government recently offered Japan the opportunity to take part in the railway project, estimated to cost Rp 102 trillion (US$7.64 billion). However, other countries will participate as well in the bidding process, including rival China, thus opening up the possibility of another round of heated competition.

    “There’s a preference for Japan to be chosen for the railway project,” Transportation Minister Budi Karya Sumadi said. Budi added, however, that Japan would still have to meet all the requirements set by the government.

    The new railway line will enable trains to run at 165 kilometers per hour and will shorten the travel time between Jakarta and Surabaya to around six hours from the current time of 13 hours. The project is slated to begin construction by the end of 2017 and is expected to be completed by late 2019.

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  • Indonesia Falls Behind Vietnam in Pepper Production

    Indonesia Falls Behind Vietnam in Pepper Production

    Indonesia is the world’s second largest pepper producer. In 2013, Indonesia’s pepper production reached 88,700 tons, or an 18.8 percent worldwide market share. Indonesia has the world’s largest pepper production area with 178,000 hectares.

    However, the productivity of Indonesia’s pepper production area is only at 0.5 tons per hectare. “The productivity is low despite having the world’s largest pepper production area,” the head of Trade Study and Development Board, Trade Ministry, Tjahja Widayanti said.

    Whereas Vietnam is the world’s largest pepper producer, boasting a market share of 34.5 percent of world’s total pepper production. Vietnam’s pepper production in 2013 was 163,000 tons, having a “mere” 51,000 hectares of pepper production area.

    Vietnam’s pepper production area is smaller than that of Indonesia and India. “It shows that the productivity of Vietnam’s pepper production area is very high, i.e. 3.2 tons per hectare,” Tjahja said.

    Aside from Vietnam, other countries which have a high productivity of pepper production area are Rwanda at 3.9 tons per hectare, Thailand at 3.4 tons per hectare, Malaysia at 2.5 tons per hectare and Brazil at 2.3 tons per hectare.

    According to the International Pepper Community (IPC), world pepper production this year is expected to fall by 1.75 percent compared to last year’s realization of 403,213 tons. Some 87.22 percent of which, or 351,710 tons, were contributed by IPC member states. In 2017, pepper production is projected to recover, reaching 425,100 tons. “Global pepper industry is still facing challenges of climate change which adversely affects pepper production and quality,” Tjahja said.

    World import of pepper has been increasing. In 2015, the total world import of pepper reached US$3.3 billion with an average annual increase of 15.6 percent throughout 2012-2015. The United States is the world’s largest pepper importer with a 22.8 percent share of the import market. Singapore and India’s pepper imports have significantly increased by 40.7 percent and 27.4 percent, respectively.

  • Bank Indonesia launches financial technology office

    Bank Indonesia launches financial technology office

    Bank Indonesias governor Agus Martowardojo has launched the Financial Technology (Fintech) Office that will serve as a think-tank in developing the financial services industry.

    “Technology innovation in financial sector is now a must. Therefore, innovation must be a continuous process,” Agus said in his speech while opening the Fintech Office here on Monday.

    He explained that the Fintech Office will have four roles to play. First, it will serve as a facilitator in ideas exchange among Fintech regulators and industry players.

    Second, Fintech Technology will contribute with business intelligence that will facilitate the system and generate tools to transform raw data into new information for analysis material.

    The third role that the Fintech will play will be to provide assessments besides testing various ideas and regulations. It will also help as a coordination and collaboration platform for Fintech stakeholders.

    “We will make it a one stop service accessible to the financial players where we will explain the policies that we issue,” Agus noted.

    The Fintech Office, he added, would also act as a regulatory sandbox or a policy formulating laboratory.

    “Such a sandbox will be a restricted platform for innovation development as well as policy testing and evaluation,” Bank Indonesias Deputy Governor Ronald Waas noted.

    However, he added, not all Fintech business segments will be included in Fintech Office as it has been specified that the facility will be for the new Fintech businesses which are not regulated by Bank Indonesia as a payment system authority.

    “The businesses included in Fintech Office will be the breakthrough ones or the new ones” Ronald noted.

    Data obtained from Financial Service Authority shows that currently, 120 Fintech companies have a total asset value of Rp100 billion (about US$7.4 million), a 50 percent increase over the early 2015 figure.

  • Citibank Indonesia reaps high profit growth in Q3

    Citibank Indonesia reaps high profit growth in Q3

    The Indonesian branch of US-based Citibank saw its net profits rise in the third quarter of this year despite the ongoing global economic downturn and sluggish domestic demand.

    The bank’s net profits surged by 64 percent year-on-year (yoy) to Rp 1.9 trillion (US$142.32 million) during the January-to-September period, according to a statement issued on Sunday.

    The profit growth was mainly driven by a 15.5 percent yoy increase in net interest income to Rp 3.05 trillion, along with a 2.79 percent yoy hike to Rp 1.51 trillion in its fee based income.

    “These results reflect the strong momentum of our business, both in institutional banking and consumer banking,” said Citibank Indonesia CEO Batara Sianturi in the statement.

    The bank introduced some initiatives for its institutional and consumer banking businesses in the third quarter, namely Citi Virtual Card Accounts (VCA) for treasury and trade solutions, Citi Priority for wealth management as well as Citi Indonesia Facebook to support the digitization of its cards and retail banking.

    However, it saw its loans decrease by 7.3 percent annually to Rp 39.07 trillion in the first nine months from Rp 42.1 trillion in the same period last year.

    The deceleration in loans was in line with data from the Financial Services Authority (OJK) that show that overall lending in the Indonesian branches of foreign banks dropped by 6.61 percent yoy to Rp 253.1 trillion as of August.

    Bank Indonesia (BI) deputy governor Erwin Rijanto attributed the situation to falling foreign-denominated, or forex, loans, which only grew by 2 percent yoy as of July.

    “This is closely related to global economic conditions. We see that a lot of companies with high exposure to forex loans have temporarily reduced their credit demand. Some of them even decided on early termination of their loans,” he said recently.

    The drop in global commodity and oil prices as well as weak trade are among the factors impacting the banking industry, particularly on forex loans, which are mostly utilized to support the financing of exports and imports.

    This portion of forex lending is also particularly big in Indonesian branches of foreign banks as they are supported by their overseas headquarters.

    Meanwhile, Citibank Indonesia’s report also show that its third-party funds declined by 6.6 percent yoy to Rp 5.25 trillion from January to September.

    Despite the decline in the third-party funds, Batara said the bank managed to grow the portion of current accounts and savings accounts (CASA) — consisting of low-cost funds — to 73.9 percent of its total third-party funds.

    The increase in CASA helped jack up its net interest margin (NIM) to 6.1 percent from 5.3 percent in September last year.

    With an increase in revenue, the bank managed to improve its cost-to-income (BOPO) ratio—which measures efficiency—to almost 80 percent in the third quarter of this year from 91.2 percent a year ago.

    The latest performance was translated into an increase in return on assets (ROA) to 4.4 percent from 2.7 percent in the same period last year, while its return on equity (ROE) rose to 16.5 percent from 10.6 percent.

    The bank’s capital adequacy ratio (CAR) also increased to 29 percent in the third quarter of 2016, from 25.3 percent in the same period last year.

    “As we enter the final quarter of 2016, we believe that the progress we have made in the past three quarters will enable Citibank Indonesia to accelerate its growth imperative and commitment to its stakeholders,” Batara said.

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  • Indonesia`s wheat flour consumption expected to increase steadily

    Indonesia`s wheat flour consumption expected to increase steadily

    Indonesias wheat flour consumption is expected to increase steadily with favorable growth of wheat-based culinary business, a businessman said.

    “The increased consumption of wheat flour is correlated to the increased number of cafes. In a cafe, usually customers would not order for rice but cakes that use wheat flour as its basic material,” Marketing Manager of Interflour Indonesia, Dhanny Widjaja, said.

    Indonesian Wheat Flour Producers Association (Aptindo) expected the wheat flour demand in the country to grow by five to six percent with the national economic growth in 2015.

    “We believe that the future trend would be positive, as culinary business is a relatively endurable one,” he said, pointing to its potential in breads, biscuits and noodles industries.

    His company has targeted to increase its market share by 10 percent in 2019.

    “This year (the market share) has reached 8 percent with a total production of 2,800 tons per day from two factories in Makassar and Cilegon,” he said.

    The company has focused on cakes, biscuits and noodle industries in its efforts to expand its product distribution, in addition to its retail markets.

    “We focus on expansion, especially to southern Sumatra,” he said.

    The company would also renew one of its factories in Cilegon, which will be inaugurated in 2017 and will have a production capacity of 400 tons per day.

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  • Indonesia has role in tourism development in maritime silk route

    Indonesia has role in tourism development in maritime silk route

    Indonesia has an important role and can take advantage of tourism development in the maritime silk route of the 21st century in China, according to China National Tourism Administration (CNTA) Information Center Director Cai Jiacheng.

    “Indonesia has its own uniqueness as a global tourist destination, especially for the countries along the maritime silk road of the 21st century in China,” Jiacheng told.

    According to him, Indonesia has a lot of cultural diversity and unique and attractive natural sceneries that can make the country a world tourist destination.

    “However, Indonesia must fix the infrastructure and build good connectivity with a number of other countries, particularly with countries along the maritime silk road,” Jiacheng noted.

    “Indonesia should actually be able to provide maximum services, ranging from easing visas and providing adequate infrastructure, including connectivity, to attract tourists to come to the country,” he added.

    Jiacheng added that Chinese travelers can visit other countries through the ASEAN countries such as Indonesia, Thailand and Singapore.

    “Therefor e, Indonesia has opened the path for China to ASEAN, because of its strategic position to support tourism development in the maritime silk road of the 21st century that can also provide a great advantage for the country,” he said.

    Tourism is playing an increasingly important role in the economic growth of China. Tourism sector accounted for about 10.8 percent of the total growth in Gross Domestic Product (GDP) and 10.2 percent of the national job last year.

    CNTA is targeting 137 million foreign tourists to visit China in 2016, or up to 2.5 percent compared to that of the previous year, while the amount of targeted revenue from foreign tourist arrivals is US $ 121 billion, up by 6.5 percent over the previous year.

    “Therefore, China is serious to work on the tourism sector by using destination packages, connectivity, and the use of information technology for marketing and promotion,” he said, adding that Indonesia can take advantage of the tourism development in the maritime silk road of the 21st century.

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  • Yogyakarta`s coffee business potential reaches Rp350.4 billion

    Yogyakarta`s coffee business potential reaches Rp350.4 billion

    Coffee shop ventures generate significant economic potentials in Jogjakarta, and it can reach Rp350.4 billion a year, generated from 800 coffee shops in the city.

    “The current economic realization that comes from 600 registered coffee shops in Jogjakarta reaches Rp262.8 billion per year,” the owner of Pitutur Coffee Shop Ponco Kusumo in Jogjakarta said on Monday.

    He explained in detail that a coffee shops economic realization comes from the volume of coffee sold each day, multiplied by the retail price of each cup.

    For example, every day there would be 80 cups of coffee sold in each shop, at a price of Rp15 thousand per cup.

    “That means that every coffee shop generates Rp1.2 million a day. When we multiply the total with the number of registered coffee shops across the town, the result comes out to be Rp262.8 billion, which is a substantial number,” he reiterated.

    The registered coffee shops are the ones that have signed up for the coffee business community, and there could be twice as many shops that are yet to be registered by the owners, he said.

    To reach a sales target of 80 cups per day, the shops need to operate from 10 am to 10 pm.

    “Our customer target includes students, general public and foreign visitors, who enjoy coffee,” he concluded.

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  • Indonesia, Singapore launch Kendal Industrial Park

    Indonesia, Singapore launch Kendal Industrial Park

    President Joko Widodo, along with Singapores Prime Minister Lee Hsien Long, launched the Kendal Industrial Park in Central Java Province as a new model of bilateral economic relationship.

    “Prime Minister Lee and I agreed that the investment cooperation in Kendal Industrial Park marks a new milsestone in our bilateral relationship, particularly in the investment sector,” Jokowi said in a joint press statement here on Monday.

    Both heads of state also discussed the potential for more such bilateral investments, as Jokowi believed there was a big opportunity to further develop this economic cooperation.

    The president also stated that Indonesia was committed to improve its competitiveness to become an investment destination country.

    “During discussions, I explained that we are continuously reforming the economic and legal sector to improve Indonesias economic competitiveness,” Jokowi added.

    Jokowi reminded that both Indonesia and Singapore are also enhancing cooperation in the tourism sector by developing new tourism destinations in Indonesia.

    Indonesia hopes that a range of Memorandums of Understanding (MoU) that have been signed would lead to more effective cooperation in the tourism sector.

    Jokowi noted that Singapore also supports Indonesia on several regional and international issues such as counter terrorism measures as well as in the South China Sea dispute.

    “Singapore is an important partner of Indonesia in many sectors. Indonesia and Singapore will also celebrate the 50th year of their diplomatic relationship,” Jokowi noted.

    A project being built in Central Java through bilateral cooperation will create about 4,000 jobs.

    Prime minister Lee underlined that many Singapore companies have been investing in Indonesia, not only in the free trade areas of Batam-Bintan-Karimun (BBK) in Riau Islands, but also in other areas in the country.

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