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22
November

Indonesia-Brazil Business Forum: USD 2.8 Billion Cooperation in Strategic Sectors

Published in International News

 

VOInews, Rio de Janeiro: The Indonesia-Brazil Business Forum at Copacabana Palace, Rio de Janeiro, marked a significant milestone with the signing of a Memorandum of Understanding (MoU) between business players from both countries. The cooperation, valued at USD 2.8 billion, spans across critical sectors such as finance, digital technology, mining, energy, livestock, and aerospace.  

 

Coordinating Minister for Economic Affairs Airlangga Hartarto, who witnessed the signing, emphasized the importance of the partnership. “This collaboration reflects the growing trust and synergy between Indonesian and Brazilian businesses, paving the way for robust economic ties,” he stated.  

 

Prabowo: Shared Vision for Strategic Development

 

President Joko Widodo, attending the event, underscored Indonesia's commitment to fostering closer economic cooperation with Brazil. He highlighted the shared attributes of both nations, including large populations, abundant natural resources, and a dynamic culture.  

 

“Brazil’s advancements in industrial development serve as an inspiration for Indonesia. We aim to catch up and leverage our strengths to support sustainable growth,” President Prabowo remarked.  

 

He called for intensified cooperation in key sectors such as energy, food security, industrial development, and maritime affairs. In the energy sector, the focus is on renewable energy initiatives, particularly biofuels and ethanol. Meanwhile, food security efforts include increasing protein consumption through programs like *Program Makan Bergizi Gratis* (Free Nutritious Meal Program).  

 

Strengthening Fisheries and Aerospace Industry

 

As one of the top three countries with the largest fishery reserves globally, Indonesia still faces a significant shortage of around 40,000 large-capacity fishing vessels. To address this gap, President Prabowo proposed collaboration between PT Dirgantara Indonesia and Brazil’s Embraer to bolster the aerospace and maritime industries.  

 

“This partnership can enhance our capabilities in fisheries and support industrial growth that benefits both nations,” he added.  

 

Brazil: A Strategic Economic Partner

 

Brazil remains a key economic partner for Indonesia. In 2023, bilateral trade between the two nations reached USD 6 billion, with key commodities including palm oil, rubber, agricultural products, and meat.  

 

Minister of Finance Sri Mulyani Indrawati highlighted the significance of these ties. “Brazil and Indonesia’s complementary strengths create vast opportunities for mutual benefit, especially in addressing global challenges like food security and renewable energy,” she explained.  

 

High-Level Participation

 

The forum brought together prominent Indonesian officials, including Minister of Finance Sri Mulyani Indrawati, Minister of Foreign Affairs Sugiono, and Special Envoy for Climate and Energy Hashim Djojohadikusumo. Other attendees included Deputy Minister of Finance Thomas Djiwandono, Cabinet Secretary Teddy Indra Wijaya, Indonesian Ambassador to Brazil Edi Yusup, and KADIN Chairperson Anindya Novyan Bakrie.  

 

Through this landmark forum, Indonesia and Brazil reaffirmed their commitment to advancing economic cooperation across strategic sectors, positioning both nations as influential players in the global economy.  

 

Source: ekon.go.id

 

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22
November

Cryptocurrency Transactions in Indonesia Surge to IDR475 Trillion, Dominated by Young Generation

Published in Indonesia Today

 

VOInews, Jakarta – Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has reported that cryptocurrency transactions in the country reached an astonishing Rp475.13 trillion between January and October 2024. This figure marks an extraordinary surge of 352.89% compared to the same period in 2023, which recorded transactions worth Rp104.91 trillion.

 

Bappebti’s Head, Kasan, attributed this remarkable growth to the rising enthusiasm of Indonesians for digital asset trading. “Cryptocurrency trading has become one of the most favoured investment options among the public. This significant growth also underscores Bappebti’s role in fostering the development of Indonesia’s cryptocurrency ecosystem,” Kasan remarked on Thursday (21 November).

 

The number of cryptocurrency users has also risen substantially. As of October 2024, the total number of users reached 21.63 million, with 716,000 actively trading through Physical Crypto Asset Traders (PFAKs). The top-traded cryptocurrencies included Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL).

 

A Boost to State Revenue

Kasan highlighted that this rapid growth has directly benefited the state’s revenue. “From 2022 to October 2024, tax revenues from cryptocurrency transactions contributed Rp942.88 billion, showcasing the immense potential of this sector in bolstering the national income,” he explained.

 

Strengthening the Ecosystem and Promoting Literacy

To sustain this upward momentum, Bappebti has intensified collaboration with the Self-Regulatory Organisation (SRO), associations, and other stakeholders. This effort focuses on developing the cryptocurrency ecosystem, enhancing regulations, and improving public literacy.

 

“The public’s high enthusiasm for cryptocurrencies must be complemented by comprehensive education. This approach is crucial to ensuring protection, business certainty, and security in cryptocurrency trading,” Kasan added.

 

Young Generation Driving Market Growth

Data from Bappebti reveals that 75% of cryptocurrency users are young individuals aged 18-35. Bappebti’s Secretary, Olvy Andrianita, stressed the importance of literacy in supporting this trend. “The youth dominate the cryptocurrency market. Strengthening their financial literacy is essential to ensure they invest safely and wisely,” Olvy emphasised.

 

PFAKs Supporting Market Expansion

Meanwhile, Tirta Karma Senjaya, Head of the Bureau for Development and Supervision of Commodity Futures Trading, stated that seven companies are currently registered as PFAKs. These include PT Pintu Kemana Saja (Pintu), PT Bumi Santosa Cemerlang (Pluang), PT Aset Digital Berkat (Tokocrypto), and PT Kagum Teknologi Indonesia (Ajaib).

 

“Going forward, we hope that more companies currently operating as Candidate Physical Crypto Asset Traders (CPFAKs) will meet the requirements to become PFAKs, further strengthening the cryptocurrency trading ecosystem,” Tirta explained.

 

Bappebti recently issued Regulation No. 9 of 2024, updating the guidelines for cryptocurrency trading as part of its commitment to creating a more adaptive and robust market.

 

With exponential growth and widespread public interest, Indonesia’s cryptocurrency trading sector is poised to thrive further, solidifying the nation’s position as a significant player in the global market.

 

Source: Kemendag.go.id

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15
November

Japan Anticipates Tough Challenge from Indonesia as World Cup Qualification Nears

Published in International News

 

VOInews, Tokyo: Japan’s head coach Hajime Moriyasu expects a challenging match against Indonesia, whose team features players born in Europe, in their upcoming World Cup qualifying game in Jakarta.
Ranked 15th in the FIFA standings, Japan currently leads Group C with an unbeaten record of three wins and one draw. A win over Indonesia in front of 78,000 fans in Jakarta would bring Japan closer to securing their eighth consecutive World Cup spot.
 
While Indonesia is considered the underdog, sitting fifth in their group, they have shown resilience with spirited draws against strong teams like Australia, Saudi Arabia, and Bahrain. “The game tomorrow will be tough as Indonesia will likely play defensively, so we need to be very aggressive,” Moriyasu stated. “Our goal is to be the champion. We’re ready to fight hard tomorrow.”
 
The top two teams from each of the three groups in Asia’s third qualifying round will secure spots in the 2026 World Cup, to be held in the U.S., Mexico, and Canada. Teams finishing third and fourth will advance to another qualifying round.
Japan reached the World Cup Round of 16 in 2022 but was eliminated by Croatia in a penalty shootout. Indonesia, meanwhile, has only qualified once, participating as the Dutch East Indies.
 
Japan captain Wataru Endo, who has seen limited playing time with Liverpool, assured fans of his readiness. “I’ve been working hard, so my condition is good,” said the 31-year-old midfielder. “I’ll give 100% tomorrow.”
 
Indonesia’s South Korean coach Shin Tae-yong expressed confidence, aiming to surprise the top-ranked Asian team. “The players and I are preparing for a match without regrets,” Shin said. “No one can predict the outcome.”
 
Thursday’s 0-0 draw between Australia and Saudi Arabia further boosted Indonesia’s chances. “That result benefits us,” Shin commented. “Besides Japan, the rest of the teams are closely matched, and I feel that luck is on our side.”
 
Indonesia’s strategy of recruiting Dutch-born players for their national team has recently led to improved performances, with as many as 10 Dutch-born players included in recent squads. “The Indonesian national team is very different from before,” Moriyasu acknowledged.
 
Source: AFP
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15
November

Flights to Bali Resume After Volcanic Eruption Disruptions

Published in Indonesia Today
 
 
VOInews, Denpasar: Several airlines have resumed flights to Bali after suspending them due to a massive eruption from a nearby volcano.
 
On Wednesday, Mount Lewotobi Laki-Laki erupted, sending a nine-kilometer (5.6-mile) column of ash into the sky, resulting in the cancellation of 83 international flights, according to Bali’s international airport. Over the past two weeks, the volcano has erupted more than a dozen times, leading to the evacuation of thousands and claiming at least nine lives.
 
Australia’s Qantas Group announced that its airlines Qantas and Jetstar would restart their Bali services, citing "improved" conditions. Two delayed Qantas flights from Wednesday were expected to take off on Thursday. “We will continue to monitor the changing conditions and volcanic activity,” Qantas said in a statement.
 
AirAsia also planned to resume some flights to and from Bali later in the day, while Virgin Australia stated on its website that it would restart services to Denpasar starting Thursday. Singapore’s airline Scoot rescheduled flights from Singapore to Bali and Surabaya, adjusting for the ongoing volcanic activity.
 
As of early Thursday morning, Bali’s airport reported 32 more international flight cancellations, noted airport general manager Ahmad Syaugi Shahab. However, he mentioned that ash from Mount Lewotobi Laki-Laki had begun moving away from the airport by Wednesday evening, raising hopes for resuming more flights.
 
“We hope affected passengers can resume their travel on Thursday,” Ahmad added.
 
Mount Lewotobi erupted again overnight, with visible ash columns and lava flows. Meanwhile, the airport in Labuan Bajo, a nearby tourist area, reopened on Thursday, as confirmed on its Instagram account.
 
The volcano, known as “Laki-Laki” (meaning “man” in Indonesian), is paired with a more dormant neighboring peak, named after the Indonesian word for “woman.”
 
Bali’s economy relies heavily on tourism, but Indonesia sits on the Pacific Ring of Fire, where tectonic activity often causes earthquakes and volcanic eruptions.
 
Source: AFP
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