VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Jan. 26, 2021 - Singapore remained the largest investor in Indonesia last year, with investments totaling US$9.8 billion, according to the Investment Coordinating Board (BKPM).

Next was China with an investment of US$4.8 billion, followed by Hong Kong with US$3.5 billion, Japan with US$2.6 billion, and South Korea with US$1.8 billion, BKPM chief Bahlil Lahadalia said during an online press conference on Monday.

He specifically highlighted the investments made by Japan and South Korea.

In the fourth quarter of 2020, South Korea invested US$699.5 million, overtaking Japan, which pumped in US$453.7 million as the fourth largest investor in Indonesia. But overall, Japan was still ahead of South Korea in terms of foreign investors in Indonesia last year.

"In the fourth quarter (of 2020), South Korea was ahead of Japan. But cumulatively, Japan was ahead of South Korea. The difference (in their investment) is small — US$800 million," Lahadalia informed.

The competition between the two countries will get tighter in 2021, he said, without elaborating on which country is likely to invest more in Indonesia.

In the October-December, 2020 quarter, Singapore still ranked first with an investment of US$2.6 billion, followed by China (US$1.3 billion), Hong Kong (US$1 billion), South Korea (US$699.5 million), and Japan (US$453.7 million).

He further disclosed the next top five investors in Indonesia last year: the Netherlands, Malaysia, the United States, Taiwan, and Australia

"The Netherlands is also interesting since they (are expected to) serve as a European hub in the future," he said. (Antaranews)

Finance Minister Sri Mulyani Indrawati stated that the total cash waqf collected and deposited in banks until December 20, 2020, had reached Rp328 billion.

"Meanwhile, the project-based waqf reached Rp597 billion," Indrawati noted at the launch of the National Movement for Cash Waqf and inauguration of the Sharia Economic Brand in Jakarta, Monday.

The minister highlighted the government’s steadfast commitment to promoting the integrated Islamic economic and financial sector to accelerate, expand, and develop the economy and finance to support national economic resilience.

The minister remarked that the sharia social fund sector, comprising zakat (alms), sodaqoh (simple alms), infaq (disbursements), and waqf, as its main component, had strategic potential to be developed.

The Islamic social fund sector has vast potential in supporting efforts to overcome problems of development and poverty as well as boosting the welfare of the community, the minister affirmed.

Indrawati expounded that waqf had developed quite well in Indonesia, albeit generally still in the form of property waqf, specifically land and buildings, for the benefit of the community, such as mosques, Islamic schools, Islamic boarding schools, and burial places.

Hence, in recent years, stakeholders have attempted to develop cash waqf to be managed in a productive, trustworthy, accountable, and professional manner, so that it can strengthen the Islamic social net.

The minister cited as an example the Indonesian Waqf Board (BWI) that had last year mobilized cash waqf and invested it in cash waqf-linked sukuk, or CWLS.

"This is a new instrument issued by the government or the Ministry of Finance in which the yields are utilized to finance various social programs that have currently collected more than Rp54 billion," she stated.

Furthermore, Indrawati noted that her side had also continued to increase the National Sharia Securities (SBSN) associated with the project, specifically projects worth Rp27 trillion, funded by project-based SBSN until this year.

"This is a tremendous increase. Starting from 2013, only one ministry used the Project SBSN, while currently, there are many projects from 11 ministries through the issuance of sharia securities," she stated. (Antaranews)

President Joko Widodo (Jokowi) underscored the need for Indonesia to seize the vast potential of sharia economy that had yet to be tapped.

"Sharia economy still has enormous potential to be developed. Sharia economic development is not only being conducted by countries, with a Muslim-majority population, but also by other nations, such as Japan, Thailand, Britain, and also the United States," Jokowi noted here on Monday.

Hence, the head of state highlighted the importance for Indonesia to seize this opportunity.

The head of state emphasized that Indonesia should continue to encourage acceleration of the development of the national sharia economy and finance.

"We must prepare ourselves to become a hub for a global sharia economy," he stated.

Jokowi believes Indonesia still has a lot of homework to do, including the need to improve the country's Islamic economic literacy index that is still low, notably at around 16.2 percent.

"It is low. A lot of room still exists to increase the people's understanding. Several opportunities still need to be optimized," he remarked.

The nation should also bring about improvements in several other areas, including the halal value chain in the real sector that supports micro-, small-, and medium-scale enterprises (MSMEs) and the development of creative economy, Jokowi noted.

"We are strengthening the sharia economy by building one of the largest Islamic banks in Indonesia. We have targeted it to be completed, In Syaa Allah, in February," he stated.

Furthermore, Indonesia builds micro waqf banks at various places and strengthens infaq, alms, and waqf bodies to support economic empowerment of the people. (antaranews)

On January 26, 1950, India's system of government was changed to a republic. Three years earlier, in August 1947, the Indian nation declared its independence from British rule. After going through various internal conflicts between Muslims and Hindus, finally in 1949 the Indian Constitution was formulated and a year later the Republic of India was born. The power to regulate government in India is mostly in the hands of the Prime Minister who is directly elected by the people.