The Minister of Trade of the Republic of Indonesia, H.E Enggartiasto Lukita and the Trade Minister of the Republic of Korea, H.E Hyun Chong Kim met on 19 February 2019 in Jakarta, Indonesia. The two Ministers discussed ways to enhance trade and economic relations between the Republic of Indonesia and the Republic of Korea. The two Ministers agreed to reactivate negotiations on the Indonesia - Korea Comprehensive Economic Partnership Agreement (IK-CEPA). Both Ministers believed that a successful negotiation toward an economically meaningful agreement would serve as a new platform toward a modern and dynamic economic partnership that reflects the strong bond between the two countries. This initiative signals the strong determination of both governments to create a favorable environment that is conducive to expanding two-way trade and investment and to maximizing the potential of the economic partnership. Reflecting the shared vision of both sides, it is agreed that the reactivation of the IK-CEPA negotiation will proceed on the basis of the following core principles:  striving to ensure the final agreement is of high quality, mutually beneficial, and as comprehensive as possible, covering trade in goods and services, investment, economic cooperation, and other areas to be agreed upon; and  building upon the existing multilateral and regional agreements as well as the outcomes of negotiations between the Republic of Indonesia and the Republic of Korea. The negotiations will aim to reach the economic goals set by governments of the two countries by substantially increasing the volume of bilateral trade and investment to the highest possible level. Both sides intend that the IK-CEPA will be a living agreement that can be improved over time. Both Ministers will instruct officials to commence work immediately and make swift progress on the IK-CEPA with the aim of reaching a conclusion as soon as possible by the end of this year. (rel-Kemendag)


IFC Investment Projects in Indonesia

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World Bank Group member IFC and PT CT Corpora (CT Corp) announced their first investment transaction together, wherein IFC is providing $275 million loan to PT Trans Corpora (Trans Corp), CT Corp`s wholly-owned subsidiary.

The aim is to support the growth of its retail, tourism, and property operations across the country, based on a statement received here on Tuesday.

IFC`s investment will help Trans Corp add new retail stores across 25 cities by 2025. This will subsequently boost the growth of modern retail infrastructure across the country and improve consumers` access to a range of quality products.

It will further develop local supply chains, involving a larger base of local suppliers and Small and Medium Enterprises (SMEs).

Trans Corp`s expansion of its retail operations is expected to create over 30 thousand new jobs in Indonesia.

In addition, working with over six thousand suppliers -- nearly 70 percent being SMEs -- will create some 23 thousand indirect jobs in areas, such as farming and distribution.

"We are honored to partner with a global player, such as IFC, with extensive global experiences, extensive networks, and knowledge. IFC`s support will help us expand and serve a growing number of customers with innovative products and services while also investing in their future by adopting more sustainable business practices," CT Corp Chairman Chairul Tanjung stated.

In line with the Government of Indonesia`s strategic priority to develop the country`s tourism sector, supported by a World Bank loan of $300 million, IFC`s investment will also help Trans Corp expand its tourism operations.

In addition to its existing properties, the Group has an agreement with Accor, a global hospitality company, to develop 30 new hotels, adding nearly six thousand new rooms across the country.

Furthermore, addressing the needs of the middle-income population as well as the country`s housing deficit, Trans Corp is developing more than 10 thousand affordable apartments across multiple locations.

Trans Corp is also committed to promoting resource-efficient buildings -- worth at least $275 million -- that meet IFC`s EDGE (Excellence in Design for Greater Efficiencies) Green Building standard.

The building sector is Indonesia`s third-largest final energy consumer and accounts for approximately 27 percent of the total final energy consumption. If left unmitigated, buildings are likely to consume nearly 39 percent of the total energy by 2030.

"IFC is delighted to engage with a leading Indonesian Group like CT Corp. This financing package aims to maximize Indonesia`s private sector-led development and support one of its key goals of creating jobs," IFC`s Regional Vice President for Asia & Pacific Nena Stoiljkovic stated.

"By embracing innovation and inviting private sector investment, Indonesia can boost economic growth through a pipeline of sustainable and diverse projects," IFC`s partnership with CT Corp began with a memorandum of understanding signed by Philippe Le Houerou, CEO of IFC, and Chairul Tanjung in October 2018. (ant)


Indonesia has thousands of cultural heritages originating from the traditions of its people. To gain the world’s recognition, Indonesian Government through the Ministry of Education and Culture in collaboration with UNESCO have conductied joint activities to record, promote and nominate the cultural heritages as Indonesia's cultural heritage. This was stated by Director General of Culture, the Ministry of Education and Culture Hilman Farid at a press conference of The 3rd Basoeki Abdullah Award Competition in Jakarta, on Monday (Feb18).


“Our job at the ministry is focus on what we called cultural heritage and we work through UNESCO among other things to nominate Indonesian cultural heritage of having universal value and get recognition from UNESCO. So what we promote so far is based mostly on tradition. Tradition itself doesn't mean that you should limit what you present to the world as the traditional expression, you can have contemporary forms and that's we are doing with Pak Basoeki as well," Hilman Farid said.

Basoeki Abdullah is one of Indonesia's most famous painters who expressed his works through Indonesian mythological puppet paintings. Hilman added that the award carried out by the Ministry of Education and Culture aims to invite young Indonesian artists to express national identity through art, especially painting. The program with the theme of mythology is organized by the Ministry of Education and Culture every three years. (VOI / NUKE / AHM)


Indonesia officially nominated itself as the 2032 Olympic Games host, with a letter signed by President Joko Widodo (Jokowi) presented to Thomas Bach, International Olympic Committee (IOC) President in the IOC Secretariat in Lausanne, Switzerland.

The letter was handed over by Indonesian Ambassador to Switzerland Muliaman D. Hadad on February 11, 2019, the Indonesian Embassy in Bern noted in a statement on Tuesday.

Jokowi had expressed verbally and in writing the intent to host the Olympic Games in 2032 when Bach visited Indonesia in 2018.

He received a positive response following Indonesia's success in organizing the 2018 Asian Games and Para Games.

At a meeting with Ambassador Hadad, Christophe Dubi, the IOC executive director, gave a positive response to the Indonesian application and promised to keep Indonesia informed regarding the Olympic host selection process.

"The IOC has recognized Indonesia's capability while organizing the 2018 Asian Games and Para Games that were successful. I think this is quite a strong foundation," Hadad noted.

Indonesia's application to host the 2032 Olympic Games could be a good opportunity to showcase the economic capability of the country, which is the world`s fourth most populous nation and a member of the G20, he pointed out.

The selection process of the 2032 Olympic Host will begin in 2024 at the latest.

Tokyo, Paris, and Los Angeles are respectively the Olympic Games hosts for 2020, 2024, and 2028. (ANTARA)