A third expansion of Patimban Port in West Java is to receive the lion’s share of the funding.

The government’s downstreaming agenda must be supported by industrialization, but the pace of industrialization in Southeast Asia’s largest economy is decreasing, especially in sectors utilizing processed goods from the mining industry.

Indonesia recently became a full member of the BRICS economic and geopolitical grouping. The name is an acronym for the bloc’s first five member states: Brazil, Russia, India, China and South Africa.

Indonesia, through the public housing ministry, has inked an MoU with a Qatari investment firm for an undisclosed amount to help fund the government's mega housing project, which aims to build 3 million homes per year.

They are targeting 50 projects at the economic zone within the first five years of its inception, and the creation of 20,000 skilled jobs.

Prabowo instructed his freshly inducted ministers to study the budget allocation in detail and specifically asked for spending efficiency by avoiding unnecessary trips abroad.

Trade Minister Budi Santoso also reaffirmed that the ministry aims to conclude a similar agreement with the European Union by the end of first half of this year.

Last year’s budget closed with a deficit of Rp 507.8 trillion (US$31.34 billion), 2.29 percent of the country’s gross domestic product (GDP), Finance Minister Sri Mulyani Indrawati revealed in a press conference on Monday.

The global manufacturing hub reaped the benefits of an uptick in demand for its products, despite suffering billions of dollars in losses due to deadly Typhoon Yagi.

Leading palm oil producer Asian Agri has expressed its appreciation for its smallholder scheme partners in Jambi and across Riau province by distributing premium payments from the sale of certified sustainable palm oil for 2023.

Prabowo aims to limit Indonesia’s dependence on imported fuel by offering dozens of new oil and gas blocks to investors in the coming years.

The government had aimed to collect as much as Rp 2.8 quadrillion (US$172.7 billion) in state revenue last year. As of November, collection amounted to Rp 2.49 quadrillion, 89 percent of the goal.

Economic uncertainty marks the beginning of a new year that could prove challenging for personal finances, advisors warn, requiring retail investors to stay on their toes.  

Indonesia’s current account deficit will widen past pre-pandemic levels in the coming years as foreign companies repatriate profit and as the trade balance deteriorates, the World Bank has projected.

The government sought to support travel and hospitality businesses with more international flights last year, but the sector has yet to see a full recovery from the coronavirus pandemic. There’s hope among tourist industry stakeholders that 2025 will finally bring a rebound.  

Indonesia’s consumer price index (CPI) rose 1.57 percent over the course of 2024, marking the slowest yearly increase since Statistics Indonesia (BPS) first published the economic indicator more than 60 years ago.

Optimism is rising among Indonesian manufacturers, as reflected in growth of output and new orders leading up to the turn of the year.

Singapore's economy beat forecasts to grow 4 percent in 2024 despite a slowdown in the fourth quarter, preliminary government data showed on Thursday.

Russia's gas transit to Europe via Ukraine stopped on Wednesday, Moscow and Kyiv said, ending a decades-long arrangement and marking the latest casualty of the war between the neighbors.

The Agriculture Ministry and the Public Works Ministry have identified around 2 million hectares of land that will be irrigated for the food self-sufficiency program.

As part of its ongoing commitment to the environment, PT Nestlé Indonesia is steadfast in its efforts to distribute 5,000 school benches crafted from postconsumer recycled plastic. In the initial stage, a total of 720 recycled benches will be thoughtfully allocated to 72 elementary schools across DKI Jakarta, Pringsewu Regency, Tanggamus Regency, Bandar Lampung City, Sukabumi Regency, and Karawang Regency. This initiative serves as a testament to PT Nestlé Indonesia's ongoing commitment to fostering a greener future and promoting responsible waste management practices.

PT Nestlé Indonesia has won the silver award in the "Best Practice in Creating Shared Value" category in the 2024 Indonesia Corporate Sustainability Award, showcasing its commitment to creating shared benefits through partnerships with dairy farmers. 

The reduction of stunting in toddlers is a priority for Indonesia as the problem becomes increasingly prominent in society. The national target in 2024 is to reduce the prevalence of stunting by 14 percent.

China's manufacturing activity expanded in December for the third month in a row, official data showed Tuesday, as leaders fight to reverse a slowdown in the world's number two economy.

An independent smallholder group from Indonesia has been recognized by the Roundtable on Sustainable Palm Oil (RSPO), becoming a Newly Certified Independent Smallholder Group for 2023/2024.

“Stop prodding at the finance minister,” the President joked.

The government maintains that the economic situation remains under control, despite warnings from businesses and analysts.

Carmakers maintain they can still aim to sell 1 million units of new vehicles next year, despite a revised 2024 target to 850,000 vehicles from 1 million.

Lawmakers have suspended the debt ceiling, a limit on government borrowing to pay for bills already incurred, until Jan. 1 next year, paving way for a new limit to be set on Jan. 2 matching the amount of debt issued by the Treasury Department.

Travel businesses have low expectations for this year’s Christmas and New Year season as weak spending power and people’s concern over an impending tax hike may put the brakes on any extra trips.