03
December

The Indonesian President Joko Widodo said that the government would multiply the capital injection of the state-owned financing company-PNM for people who need it. It was remarked by President Joko Widodo after holding a dialogue with the citizens of Bantarjati Administrative Village, Bogor City, West Java. In the dialogue, President Joko Widodo listened to the people's complaints regarding the challenges they encounter in developing economic activities. After the dialogue ended, President decided that the government needs to multiply the capital injection of PNM in a bid to improve society's economic activities.

After observing the condition in public, I met with some groups to learn more about their economic activities. Based on the dialogue, I concluded that the government needs to multiply the capital injection of PNM so that the capital can be allocated broadly and the amount of the loaning will be bigger,” said President Joko Widodo.

Furthermore, President Joko Widodo said that the Membina Ekonomi Keluarga Sejahtera -Mekaar (Fostering the Prosperous Family's Economy) Program of PNM has been implemented since the end of 2015 covering 3.9 million clients. According to the President, all this time, the loaning provided for people has been restricted only around Rp1 to 2 million. However, there are many people who demand bigger capital injection. The government targets 4 million clients of the financing program by the end of 2018. The government will also re-calculate the number of the loaning in order to eliminate economic gap.(VOI/NDY/AMANDA)

03
December

Three Saudi companies that have been loyal to Indonesian business partners have won Primaduta Award from the Indonesian Ministry of Trade.


The three companies are Abdul Latif Jameel Co., Jarir Bookstore and Said Bawazir Trading Corp. (SBTC).


"Primaduta is the highest award from the Indonesian Government to foreign companies for being loyal in buying and developing imported products from Indonesia," Director General of National Export Development at the Indonesian Ministry of Trade, Arlinda, stated in Jeddah, Saudi Arabia on Saturday.


The award was handed over on the last day of the 2018 Made in Indonesia Expo held in Jeddah, Saudi Arabia on November 28 to December 1.


According to her, these foreign companies have contributed to increasing Indonesia`s trading volume.


Arlinda said the award is a form of good trust and commitment between Saudi Arabian businessmen and their Indonesian partners.


Indonesia is one of the best countries and the right place to establish business cooperation in the world, she added.


"We have a pleasant business climate. I am sure these three importers enjoy their romantic and nice business with Indonesian partners," Arlinda said.


Indonesia`s business commitment is expected to spread throughout Saudi Arabia, so that cooperation between the two countries will increase.


"I hope their trust and commitment with Indonesian business people can spread throughout Saudi Arabia, which in turn will increase trade cooperation between the two countries," she said.

Arlinda is optimistic that there will be many more Saudi Arabian businessmen receiving Primaduta Award in the future, along with the enhancing trade partnerships between the two countries.


The 2018 Made in Indonesia Expo was held for the first time in Jeddah, Saudi Arabia, to introduce Indonesian products in the country and the Middle East.


Earlier, Chairman of the Indonesia Expo 2018 Sukur Sakka pointed out that the exhibition was aimed at promoting Indonesia in Saudi Arabia, in particular, and the Middle East, in general.


The exhibition was held at the Jeddah Center for Forums & Events and featured 75 booths showcasing Indonesian products and services from various companies.


Seventy percent of the products on display are food items, including coffee, ready-to-eat food products, and chocolate. It is considered that Indonesian food has vast opportunities in the Saudi Arabian market.


Meanwhile, at the opening of the exhibition on November 28, Indonesia Consul General Jeddah Mohamad Hery Saripudin stated that since decades Indonesia has not held a single exhibition in order to introduce the potential of Indonesian trade, tourism, investment and professional labor to the public of Saudi Arabia.


In fact, Saudi Arabia is a captive market for Indonesian products because Indonesia is the largest sending country of pilgrims in the world with more than 221 thousand pilgrims and more than 1.2 million umroh (minor hajj) pilgrims per year.


Thus, Indonesian products related to catering, accommodation and transportation needs are urgently required.


This can be seen from the achievement of the performance of Indonesia`s non-oil and gas exports to Saudi Arabia at the end of 2017 reaching US$1.38 billion, up 3 percent compared to that in the same period in 2016 which was US$1.33 billion. (ANTARA)

03
December

Finance minister Sri Mulyani Indrawati said Indonesia must prepare a clear stance, materials and capable negotiators to meet current bilateral trade war and weak mechanism for multilateral solutions which are more complex.


In the official social media account monitored in Jakarta on Sunday, Mulyani said the preparation was needed because economic recovery had not been evenly spread while economic policies among countries grew unsynchronized and worsened by trade confrontation policies.


"The trade war has led G20 to conduct multilateral reform of the World Trade Organization," she said.


In view of that she really hoped the G20 Summit in Buenor Aires, Argentina, could really produce a decision that would determine the direction and management of global economy.


She reminded that threats and opportunities caused by digital economy on opportunities and kinds of employment must continue to be paid attention to by G20 in the future becuase it would affect manpower policy, social safety net and taxation.


"The world will be more complex and globalization as well as technolgical progress would provide more opportunities to advance and catch up backwardness while at the same time provide complexity in the economic and social management of a country. Indonesia must work even harder and be smarter in developing its economy," she said.


The minister said President Joko Widodo`s focus on human resource and infrastructure development was right as it would be useful for economic distribution and improvement of productivity as well as the country`s competitiveness.


"Indonesia needs to continue to build the capacity of its children to understand and meet economic globalization, technological changes and more complicated and challenging geo-political dynamic. These are the challenges that will be met and overcome by our next generation," she said.


On a separate occasion IMF Managing Director Christine Lagarde said that pressure from the threat of trade war has already affected developing countries and thus correct policy would be needed to overcome the problem.


IMF predicts hike of import tariffs could threaten international trade and reduce by three fourths percent of global growth in 2020 and so efforts are needed to reduce tension to cut tariff hike and boost multilateral cooperation.


Other risks which are no less important and have taken the attention of IMF in the G20 forum was the increasing global debts reaching US$182 trillion in a number of developing countries and countries with medium to low income.


In view of that IMF has suggested a cushion or a fiscal policy as well as action to increase transparency on debts especially regarding their value and terms as part of efforts to maintain sustainability of debt management.


In all Lagarde gave recommedations on policies for G20 to overcome the various global challenges including improvement of trade performance to boost growth and employment and for normalization of monetary policy based on good and gradual communication based on data as an anticipation against the impact that follows and micro-and macro-prudential policies to overcome crisis risk and credit-based financing problems.


Other recommendations include flexibility in exchange rate as part of efforts to mitigate external pressure, reduction of import tariff and other policies that could weaken financial market players’ confidence.


"Finally, wiping out hurdles to increase women`s participation in the economic sector. This is the key to overcoming persistent and high gap problem and it may be a potential source of growth for G20 countries," she said. (ANTARA)

03
December

Provincial government of West Java offered a number of investment opportunities to American businesses based in Houston, Texas.


Provincial Secretary Iwa Karniwa was sent by Governor Ridwan Kamil to attend the Indonesia Business Forum, held by the Indonesian Consulate General in Houston and the Capital Investment Board in in Houston, Texas.


"This is a routine agenda held by the Indonesian Consulate General in Houston and is attended by businesses under the Houston Chambers of Commerce," said Iwa Karniwa in a statement received in Bandung, Sunday.


The provincial government of West Java, he continued, was given the opportunity to give presentations on the potential sectors that can be explored by the businesses in Houston.


Karniwa explained that the projects presented include the International Airport of West Java and the Airport`s Aerocity in the sub-district of Majalengka, as well as the Bandung Metropolitan Urban Railways in Bandung Raya.


"The accessibility project to the International Airport include the construction of Railways and Toll Road; there is also the Regional Waste Management Project in Bandung sub-district and the construction of Minihydro Power Plant in Pasir Jambu and Kertamukti," he said.


There are also other projects in the tourism sector, including Panganfaran, Geopark Ciletuh, Pelabuhanratu and a number of other spots that were highlighted.


He believed that there some participants showed interests in reponse to the presentation that was given.


"This forum successfully attracted interests in infrastructure and tourism. It will surely need to still be explored," he continued.

The Provincial government believed that the event provided an opportunity for West Java to give information on the development plans prepared by governor Ridwan Kalim and deputy governor Uu Ruzhanul for the next five years of their administration.

"Aside from attracting interests, our aim is to also introduce West Java to American businesses," he said.


The efforts to introduce West Java`s potentials were also displayed in the Indonesia Festival event by introducing the potentials of Java Preanger coffee in the event. (ANTARA)

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