TheJakartaPost
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From the unravelling of eFishery saga to corruption probes ensnaring venture capital executives tied to state-backed funding at TaniHub, the year stripped the gloss from Southeast Asia’s most coveted start-up market.
Indonesia’s capital market is facing mounting headwinds as the number of initial public offerings (IPOs) in 2025 has fallen far short of expectations, with only 22 companies going public by September against the year’s target of 66. The outlook has further deteriorated amid nationwide riots that have triggered massive capital outflows on fears of political instability, while investor confidence took another blow after a recent cabinet reshuffle saw Finance Minister Sri Mulyani—long regarded as a trusted figure with strong international credibility—step down from her post.
Growing concern about debt levels in developed economies could see some bond investors look to emerging market issuances as an alternative, but in Indonesia, they will want answers about the new finance minister and the burden-sharing scheme with Bank Indonesia (BI).
President Prabowo Subianto has officially launched the initial production of the Forel and Terubuk oil and gas fields located in the South Natuna Sea Block B, Riau Islands Province. The block is operated by Medco E&P Natuna Ltd., a subsidiary of PT Medco Energi Internasional. This milestone aligns with the government’s drive toward energy self-sufficiency and is further bolstered by signs of renewed interest from global energy giants Chevron Corporation and TotalEnergies, both of whom had previously exited Indonesia due to shifting oil and gas regulations.
The continued involvement of brokers and middlemen in fuel procurement, coupled with the lack of transparency in tender processes, underscores the ongoing vulnerabilities in Pertamina’s governance structure.
