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The UAE signed a wide-ranging economic pact with Indonesia which will eliminate tari­s and boost bilateral trade. Under the trade deal, over 80 percent of UAE exports will gain immediate duty-free access to Indonesia. The deal is expected to increase the total value of trade in services between the UAE and Indonesia to USD 630 million by 2030. Streamlined customs procedures and an emphasis on digital trade will make it easier for UAE companies to do business with Southeast Asia’s biggest economy, which is set to grow 5.4 percent in 2022.

Indonesian Foreign Minister Retno Marsudi said all her counterparts from G20 countries were present in person during the two-day meeting in Bali. Indonesia as a host put the global energy and food crises on the main agenda of the foreign ministers’ meeting. https://jakartaglobe.id/news/indonesia-hails-successful-g20-foreign-ministers-meeting-despite-russias-walkout

President Jokowi has instructed his cabinet member to ensure that the Taiwanese tech company Hon Hai Precision Industry Co. Ltd (Foxconn) realizes its investments in battery and electric vehicle industries here without any hurdle, Investment Minister Bahlil Lahadalia said recently. Foxconn has agreed to build electric car components, batteries, electric motors, and relocate its telecommunications spare part manufacturing facilities from China to the Batang industrial area in Central Java in a move estimated to bring USD 8 billion direct investment to Indonesia. Earlier this year, the Taiwanese firm signed an MoU on the joint venture project with Indonesia's state-owned battery maker Indonesia Battery Corporation (IBC), Indika Energy, and Taiwan's electric bike maker Gogoro Taiwan for its Indonesian operations. The much-awaited investment is in line with the Jokowi administration’s ambition to build the most extensive EV ecosystem in the region.   https://jakartaglobe.id/business/govt-vows-full-support-for-foxconns-battery-investment

Indonesia is pushing for faster progress on infrastructure projects carried out in cooperation with Japan. Transportation Minister Budi Karya Sumadi met with high-ranking officials in Japan to discuss several projects, including the second and third phases of Jakarta’s MRT, the Jakarta-Surabaya semi-fast railway project, and an international-standard motor vehicle proving ground in Bekasi, West Java. Budi, accompanied by Indonesian Ambassador to Japan Heri Akhmadi and House of Representatives Deputy Speaker Rahmat Gobel, met with Japan’s Land, Infrastructure, Transport and Tourism Minister Tetsuo Saito, Japan Bank for International Cooperation (JBIC) governor Tadashi Maeda and other stakeholders.   https://www.thejakartapost.com/business/2022/06/23/govt-pursues-key-projects-with-japan-incl-jakarta-surabaya-railway.html

Indonesia's economic recovery this year re­ects well into the tax revenues. One of the revenues comes from income tax (PPh) paid by business entities, or also known as corporate income tax. The Ministry of Finance recorded that corporate income tax revenues until the end of May 31st, 2022 surged by 127.5 percent on an annual basis.   https://insight.kontan.co.id/news/target-setoran-pph-badan-2022-bisa-menembus-rp-458-triliun

President Jokowi has said his government is targeting to put at least two million electric vehicles on the road by 2025. Indonesia is very serious about transitioning to the use of new renewable energy, he said. The use of electric vehicles is one of the eff­orts to accelerate this transition, he added. He then lauded business players who are contributing to developing the electric vehicle ecosystem, both in the upstream and downstream sectors. Indonesia can become an electric vehicle manufacturer and leader with the support of the electric vehicle ecosystem, from upstream to downstream. To support the development of the electric vehicle industry, it is hoped that electric battery factories with a large production capacity can be completed soon in Indonesia, the President said.   https://en.antaranews.com/news/216693/indonesia-aims-to-put-2-million-electric-vehicles-on-indonesian-roads

The World Bank, through its report entitled Global Economic Prospect June 2022, deemed Republic of Indonesia's (RI's) economy as one of the strongest amid the current global risk situation, the Finance Ministry stated. "Indonesia's economy continues to show its resilience amid the ongoing global friction," said the Ministry's Fiscal Policy Agency (BKF) Head, Febrio Kacaribu. The World Bank's conclusion is shown through its projection that Indonesia's economy will be at the level of 5.1 percent in 2022, or only declining by 0.1 percent from the previous projection. Indonesia's economy is considered to be strong because it is estimated to only decrease by 0.1 percent from the previous prediction, as the country's economic performance continues to improve supported by stabilizing pandemic circumstances.   https://en.antaranews.com/news/233221/world-bank-deems-indonesias-economy-among-strongest-amid-global-risk

Indonesia's trade surplus jumped to its largest ever at USD 7.56 billion in April, as exports rose to a record high while imports grew slower than expected, data from the statistics bureau showed recently. Indonesia, a major exporter of many commodities such as thermal coal, palm oil and nickel, has reported a trade surplus every month in the past two years, enjoying an export boom and rising prices of commodities. April exports were worth USD 27.32 billion, up 47.76% on a yearly basis, outdoing the poll's prediction of a 35.97% increase, with shipments of mining and oil and gas products driving growth.   https://www.reuters.com/markets/asia/indonesia-posts-largest-ever-trade-surplus-76-bln-april-2022-05-17