27
January

The Maritime Affairs and Fisheries Ministry (KKP) has outlined a target to produce some 1.8 billion ornamental fish during 2020, as a commodity earning foreign exchange to sustain Indonesia’s economic growth.

"I think we will be able to boost production. Our advantages are development potential and varieties of commodities, with high economic value. Over 650 species of ornamental fish (freshwater and sea) are found in our waters," KKP Aquaculture Director General Slamet Soebjakto noted in a statement here on Saturday.

Currently, the economic contribution of ornamental fish to the export value of fishery products constituted 0.66 percent. He was upbeat about the country being able to boost the production of ornamental fish, with high economic value.

Currently, the ministry, along with other related institutions, have prepared a road map for accelerating national ornamental fish industrialization.

"This road map will outline various concrete strategies that include accelerating production, regulating trade systems, strengthening competitiveness and added value, investment, and expanding and strengthening the export market," he explained.

During the 2012-2018 period, the national production of ornamental fish grew by an average of 5.05 percent annually. In 2012, production had reached 938.47 million and rose to 1.19 billion in 2018.

At the upstream level, the ministry has encouraged the application of technological innovations that focus on increasing efficiency and productivity. One of the technologies developed is the Recirculating Aquaculture System (RAS) system that is able to boost productivity by up to 100 folds as compared to the conventional one.

Based on data of the Central Bureau of Statistics (BPS), the value of ornamental fish exports had reached US$21.01 million in 2012 and increased to $32.23 million in 2018.

Blessed with abundant natural resources, Indonesia is one of the world's major exporters of ornamental fish.

Indonesia's freshwater is inhabited by at least 1,248 species of fish, 243 of which are endemic species and 122 species of ornamental shrimp. Indonesia's marine waters are home to at least 3,476 species of fish. (ANTARA)

23
January

Garuda Indonesia appointed ex-president director of state-owned telecommunication company PT Industri Telekomunikasi Indonesia (INTI) Irfan Setiaputra as president director of the national flag carrier at its extraordinary meeting of shareholders here, Wednesday.

"Garuda Indonesia’s president director is Irfan Setiaputra," Sahala Lumban Gaol, who chaired the meeting, noted here on Wednesday.

Setiaputra was the PT INTI president director from 2009 to 2012. He was then appointed to lead several companies, including Cipta Kridatama, Reswarw Minerga Hatama, and Sigfox Indonesia.

Gaol noted that Dony Oskaria was appointed as deputy president director of Garuda Indonesia at the extraordinary meeting of shareholders.

The appointment of new president director and vice president director of Garuda Indonesia was part of the meeting's agenda. The other agenda pertained to a change in the company's organizational structure in response to a proposal from the board of commissioners through a letter, dated December 9, 2019, regarding an extraordinary meeting of Garuda Indonesia's shareholders.

The extraordinary meeting of shareholders was held in line with the Financial Service Authority’s (OJK's) Regulation No. 32/POJK.04/2014 on the plan and organization of a general meeting of publicly listed company's shareholders, according to information from Garuda Indonesia.

Special staff of the State-Owned Enterprises Ministry Arya Sinulingga had earlier noted that the new president director of Garuda Indonesia would be an outsider not embroiled in legal tussles. (ANTARA)

25
December

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has assured adequate supply of fuel oil ahead of the Christmas and New Year celebrations. "We have seen the availability of available stocks in these areas. Indeed there are one or two whose stocks must get attention. But, it can be sent and it seems that it is close to those areas, "Arifin told the press when reviewing national coordination center at the office of The Downstream Oil and Gas Regulatory Agency (BPH Migas), Jakarta, Monday.

The areas where the majority of the population celebrate Christmas also received priority for the allocation of fuel, Arifin said.

In addition, Arifin who is also the former Indonesian Ambassador to Japan urged the officials from State-Owned Enterprises to coordinate with others in an attempt to meet the fuel needs of the community.

"We ask state-owned electricity firm PLN, State-owned gas distributor PT Perusahaan Gas Negara (PGN) and State-owned oil and gas holding company Pertamina to cooperate and synergize with different agencies," the minister said.

So far, there have been no significant obstacles, bearing in mind the various challenges that can be anticipated, according to Arifin.

"So far, it can be seen that we anticipated correctly," he said.

A National Coordination Center of Energy and Mineral Resources sector has also been arranged on every island in Indonesia, Head of The Downstream Oil and Gas Regulatory Agency (BPH Migas) Fanshurullah Asa said.

"We have arranged for a national coordination center on each island. We send officers to check the supply of fuel," he said.

06
December

Indonesian crude oil prices reached US$63.26 per barrel in November, the highest figure since May, mainly driven by market optimism for a cool down in the United States-China trade frictions.

Crude oil price movements will affect the government's oil and gas revenue as well as the energy subsidy it needs to spend during the fiscal year.

November saw an increase in crude oil prices of 5.7 percent month-to-month, which aligned with the rising prices of international benchmark Brent and West Texas Intermediate (WTI), which respectively rose 5.5 percent and 5.7 percent over the same period.

Bloomberg reported on Wednesday that the US expected to complete “phase-one” of a trade deal with China before US tariffs on Chinese products were set to rise on Dec. 15. The deal is slated to happen despite US President Donald Trump’s comment about closing a trade deal after next year’s US presidential election.

The trade spat between the world's two-largest economies has weakened international trade and eventually slowed global economic growth.

The International Monetary fund (IMF) said in its October World Economic Outlook that it expected global growth to stand at 3 percent this year, the lowest level since 2009 and down 0.3 percentage points from the April 2019 World Economic Outlook. While global growth is projected to pick up to 3.4 percent in 2020, that would still be 0.2 percentage points less than predicted in the April assessment.

“Rising trade and geopolitical tensions have increased uncertainty about the future of the global trading system and international cooperation, taking a toll on business confidence, investment decisions and global trade,” the IMF report says.

In addition to cooling tensions between the US and China, several developments with regard to geopolitical issues also have provided optimism.

“The European Union’s decision to delay Brexit until the end of the English Parliament’s elections in early January 2020 also prevented the development of substantial short-term economic risks,” the Energy and Mineral Resources Ministry said in a statement.

According to the country's state budget, the government has set crude oil price assumptions at $70 per barrel this year and $65 per barrel next year.

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