Month: December 2025

Indonesia and Russia are accelerating industrial cooperation, moving toward more strategic and substantive partnerships, Indonesia’s Minister of Industry Agus Gumiwang Kartasasmita said during a bilateral meeting and the Indonesia-Russia Business Matching event in Moscow in early December 2025.

The two countries are finalizing two key memorandums of understanding (MoUs): one on cooperation in shipbuilding and another on scientific research on the safe use of chrysotile asbestos. The asbestos research MoU was signed on December 8, 2025, by Agus and Russian Minister of Industry and Trade Anton Alikhanov. Agus said the shipbuilding MoU is expected to be finalized soon, providing a framework for collaboration among large industries and SMEs.

Bilateral relations have strengthened following meetings between Indonesian President Prabowo Subianto and Russian President Vladimir Putin, opening avenues for broader strategic cooperation. Agus highlighted that economic relations have grown significantly, with bilateral non-oil and gas trade reaching US$3.9 billion in 2024 up 18.7% since 2020 and rising to US$4.04 billion by October 2025. Russian investment in Indonesia also showed steady growth, totaling US$262.7 million in 2024 and US$147.2 million by September 2025.

“These figures demonstrate the confidence of Russian industry players in Indonesia’s economic stability and industrial potential,” Agus said, noting that ongoing dialogue to resolve technical and logistical challenges is crucial for smooth trade relations.

The 6th Working Group on Trade, Investment, and Industry, held in March 2025 as part of the Indonesia-Russia Joint Commission, produced technical agreements on industrial development, halal supply chains, trade, logistics, certification, agriculture, and financial cooperation. Agus also stressed Indonesia’s support for the Indonesia-Eurasian Economic Union Free Trade Agreement (IEAEU FTA), which is expected to expand market access and reduce trade barriers.

In multilateral cooperation, Indonesia is engaging with the BRICS Center for Industrial Competences (BCIC) to advance industrial digitalization, new mobility, unmanned transport, SME empowerment, artificial intelligence, and bioindustry development. Agus described the BCIC as a strategic platform for technology transfer and modernization toward a smart, green, and inclusive industry.

The Indonesia-Russia Business Matching in Moscow included 19 participants from nine Indonesian companies and 51 Russian industry representatives. The event produced two MoUs: one between Indonesia’s Industrial Estates Association (HKI) and Russian institutions to facilitate investment, roadshows, and trade missions; the other with Russia’s Association of Industrial Parks (AIP) to enhance industrial park competitiveness through information exchange and coordinated visits.

Agus said the initiatives show Indonesia-Russia cooperation is producing tangible results at both policy and business levels. He also highlighted Indonesia’s upcoming role as Partner Country at INNOPROM 2026, Russia’s largest industrial exhibition, calling it a strategic opportunity to showcase the nation’s manufacturing strength and foster new collaborations.

December 13, 2025, CNBC Indonesia(https://www.cnbcindonesia.com/news/20251211172554-4-693452/fantastis-nilai-ekspor-perikanan-ri-sentuh-us-507-miliar-naik-51)

Indonesia’s fisheries exports recorded solid growth in the first 10 months of 2025, despite challenges in key markets, according to data from Statistics Indonesia (BPS). Export earnings from fisheries commodities reached US$5.07 billion between January and October, up 5.1% from US$4.82 billion in the same period last year, Acting Director General for Strengthening the Competitiveness of Marine and Fisheries Products (PDSPKP) Machmud said on Thursday.

“There was an increase from US$4.82 billion to US$5.07 billion, representing year-on-year growth of around 5.1%. This is a fairly significant improvement,” Machmud told a press conference at the Ministry of Marine Affairs and Fisheries’ media center in Jakarta.

He said overall export performance remained strong despite disruptions to shrimp exports to the United States. Shipments to the US still grew 2.6% year-on-year to US$1.6 billion, making it Indonesia’s largest export destination for fisheries products. Exports to China, however, declined 2.4% to US$962 million, mainly due to falling dried seaweed prices. Machmud explained that seaweed prices had normalized after surging last year.

“Previously, seaweed prices were very high, reaching IDR 25,000 to IDR 30,000 per kilogram. Now they have returned to IDR 15,000 to IDR 20,000, which explains the slight decline in exports to China,” he said.

In contrast, exports to ASEAN countries rose sharply by 22.7% to US$811 million, while shipments to Japan increased 2.3% to US$506 million. By commodity, shrimp remained Indonesia’s top fisheries export, generating US$1.4 billion, an 8.6% increase year-on-year. Exports of tuna and skipjack tuna rose 2.6%, while squid and octopus exports climbed 1.9%. Meanwhile, exports of swimming crab and crab declined 2.5%, affected by weaker prices and stiff competition from Alaskan crab.

Despite the decline in some products, Indonesia’s fisheries sector continued to post a large trade surplus of US$4.53 billion. Imports totaled only around US$500 million and were dominated by non-local species such as salmon, trout and cod. Machmud also highlighted investment performance in the marine and fisheries sector, which reached IDR 7.82 trillion in the third quarter of 2025. Processing and aquaculture attracted the largest share, with processing accounting for 32% of total investment.

Singapore emerged as the largest investor with IDR 510 billion, followed by China at IDR 410 billion and South Korea at IDR 400 billion. However, total investment realization has reached only 59.67% of the government’s full-year target of IDR 13.11 trillion. With one quarter remaining, Machmud projected total investment could reach IDR 10 trillion to IDR 11 trillion by year-end as the government continues efforts to attract both foreign and domestic investors.

December 11, 2025, CNBC Indonesia

(https://www.cnbcindonesia.com/news/20251211172554-4-693452/fantastis-nilai-ekspor-perikanan-ri-sentuh-us-507-miliar-naik-51)

Russian President Vladimir Putin said on Wednesday that Moscow welcomed the development of military ties with Indonesia and was ready to assist Jakarta in nuclear energy, as he hosted Indonesian President Prabowo Subianto for talks at the Kremlin. Putin said the meeting would also address a slight decline in Russian wheat exports to Indonesia this year. It marked the second meeting between the two leaders in Russia in 2025, underscoring Moscow’s efforts to deepen ties with the Global South as it faces Western sanctions over the war in Ukraine. In televised remarks, Prabowo described bilateral relations as “excellent” and invited Putin to visit Indonesia in 2026 or 2027, following the Russian leader’s trip to India last week.

“If you consider it possible to engage our specialists, we are always at your disposal,” Putin said, referring to Russia’s experience in building nuclear power plants abroad. Indonesia has said it aims to construct its first nuclear power plant by 2032, with a planned capacity of 500 megawatts.

Putin also noted that Indonesia holds a small trade surplus with Russia in agricultural products and said Moscow was open to expanding cooperation. “The supply of wheat to your market has decreased slightly. This will also be a subject of our discussion today,” he said.

Russia, the world’s largest wheat exporter, resumed shipments to Indonesia in October after a pause that began in January due to negotiations over market access. Russia’s agricultural safety watchdog said Indonesia’s Quarantine Agency agreed in August to extend safety certificates for Russian grain, enabling a shipment of 52,000 metric tons of wheat in October.

Russia’s agricultural export agency Agroexport estimated total grain exports to Indonesia at around 1.3 million tons in 2024, mostly wheat. Before the new agreement, Russia had shipped only 123,000 tons of grain to Indonesia earlier this year, all in January. Moscow is seeking to diversify wheat exports toward Asia, though it faces growing competition from the United States, whose shipments are expected to rise following new trade agreements with Asian countries.

On security cooperation, Putin said military ties between Russia and Indonesia were “developing” and characterized by professional cooperation. “Indonesian specialists are constantly training at our universities, including military academies,” he said.

The two countries conducted their first joint naval exercises in the Java Sea in November 2024. Prabowo has maintained Indonesia’s long-standing non-aligned foreign policy, pledging to engage with all countries while avoiding formal military alliances. Russia has praised what it describes as Indonesia’s balanced position on the war in Ukraine.

December 11, 2025, The Jakarta Post

(https://www.thejakartapost.com/world/2025/12/11/putin-meets-prabowo-to-discuss-military-and-energy-ties-wheat-exports.html)

Indonesia’s ambition to move up the global chocolate value chain continues to face persistent challenges across the cacao supply chain, from low farm productivity and inconsistent bean quality to weak branding and export competitiveness. Industry players say problems begin upstream. I Kadek Surya Prasetya Wiguna, CEO of Bali-based chocolate producer Cau Chocolates, said plant diseases and high capital costs for seeds and fertilizer continue to suppress yields.

“At the intermediary level, many processing factories still accept unfermented cacao beans,” Kadek told reporters at a media briefing in Bali on Nov. 25, noting that the practice violates a Ministry of Agriculture regulation requiring factories to process only fermented beans.

Cacao beans typically require six to 10 days of fermentation to prevent mold and pathogens, followed by five to 10 days of drying to stabilize flavor, before being roasted and processed into intermediate products such as cocoa butter and powder. Indonesian Cacao Council (Dekaindo) chairman Soetanto Abdoellah said farmers often skip fermentation because it takes time and offers little financial incentive. More importantly, a market still exists for unfermented beans, as some producers blend fermented and unfermented beans in a 60:40 ratio to cut costs without significantly affecting taste.

“As long as farmers produce unfermented beans, Indonesia will continue to be seen as a low-quality producer,” Kadek said, adding that Indonesia is the only major cacao-producing country that tolerates the practice.

Indonesia was the world’s third-largest cacao bean producer between 2005 and 2015 but slipped to seventh place by 2019, though it remains Asia’s largest producer. The country has 1.3 million hectares of cacao plantations, almost entirely managed by smallholders. In 2024, most of the roughly 200,000 tonnes of beans produced were absorbed by domestic processors, with only about 13,000 tonnes exported, according to Statistics Indonesia (BPS).

An export duty imposed since 2010 has encouraged domestic processing. Indonesia became a net exporter of cacao products in 2024 due to strong shipments of cocoa paste, butter and powder. However, the country still recorded a trade deficit in finished chocolate, exporting around 25,000 tonnes while importing 24,000 tonnes, resulting in net imports worth $51 million. Despite its production base, Indonesia imported 157,000 tonnes of cacao beans last year to meet domestic demand.

Adi Sucipto of the Plantation Fund Management Agency (BPDP) said 10 of Indonesia’s 31 chocolate factories had closed because import costs exceeded profits. Global cacao prices surged throughout 2024 and early 2025 following harvest failures in West Africa, worsening supply pressures. Low productivity remains a core issue. Many plantations yield only about 600 kilograms per hectare annually, far below the ideal 2 tonnes, Kadek said. Finance Ministry official Nurlaidi added that two-thirds of Indonesia’s cacao trees are too old to be productive, while Bali official Dewa Ayu Nyoman Budiasih noted that the farmer population is also aging. Farmers struggle with thin margins and limited access to processors. Cau Chocolates offers a minimum price of IDR 100,000 ($5.99) per kilogram for fermented beans, shielding farmers from price swings. The company exports about 10 percent of its output, mainly to Poland and Australia.

On the downstream end, the industry faces consumer preference gaps and branding challenges. Indonesians tend to favor sweeter chocolate, while domestic producers focus on darker varieties, contributing to high imports. Kadek said reshaping perceptions is crucial. “We grow the cacao, yet the best-known chocolate comes from elsewhere,” he said.

December 6, 2025, The Jakarta Post(https://www.thejakartapost.com/business/2025/12/06/why-cacao-rich-indonesia-is-not-yet-a-global-chocolate-producer.html)

Chinese tech giant Huawei Cloud has announced plans to expand its data centers in Indonesia next year, as the company seeks to bolster its artificial intelligence and cloud computing services in the country. At the Huawei Cloud Indonesia Summit 2025 on Tuesday, the company said it would roll out its fourth data center availability zone (AZ) in the Jakarta region in 2026, expanding beyond the three AZs it currently operates.  Speaking at the summit, Communications and Digital Deputy Minister Nezar Patria welcomed Huawei’s infrastructure upgrade, stressing that AI and cloud services were “twin engines of modern economic growth.”

“We stand at a pivotal moment where the confluence of artificial intelligence and cloud computing is reshaping global economies, and Indonesia must not only participate, but lead in this transformation,” he said.

Citing an Asian Development Bank report published this year, Nezar noted that total regional spending on cloud computing reached approximately US$203 billion in 2024, while investment in AI totaled $73 billion.

“This investment has not only expanded, but it has also become a direct catalyst for economic growth. Our analysis shows that a 1 percent increase in AI spending yields a 0.03 percent increase in gross domestic product, while a 1 percent increase in cloud spending results in a 0.01 percent GDP increase,” he added.

Leon Fang, CEO of Huawei Cloud Indonesia, said that Indonesia had seen surging data-processing demand, as reflected by the utilization rate of the current three AZs in Jakarta, which has reached 90.99 percent. He expressed optimism that the planned data center expansion would further drive innovation in the digital transformation of individuals, enterprises and government institutions in Indonesia. Xin Dajiang, chairman of the Board of Directors of Huawei Indonesia, added that the company’s contributions had continued to grow since the launch of its data center infrastructure.

“We’ve been honored to partner with industry leaders and support hundreds of small and medium enterprises [SMEs]. Together, these efforts have created tens of thousands of jobs and nurtured a new generation of digital talent,” he said. In addition to the data center expansion, Huawei also announced two major partnerships: a full-stack AI collaboration with state-owned mobile operator Telkomsel and a joint content delivery network (CDN) service with parent company Telkom to improve local content distribution speeds and user experience.

Indonesia has welcomed multiple major global firms investing in its data center infrastructure. In May, United States-based digital infrastructure company Equinix entered the Indonesian market by launching its first data center in Jakarta, in a joint venture with PT Astra International.

Last year, global tech and communications giant Cisco also established its first security cloud data center in Jakarta, as it sought to tap into the fast-growing demand for security services across the country. The growing appetite for data center investment has been fueled by Indonesia’s accelerating digital economy and surging AI infrastructure demand, with property consultants reporting that real estate investment has shifted toward the booming data center sector. The shift is most visible in Jakarta, as a survey by Turner & Townsend shows that the city offers lower data center construction costs compared with other Asian markets such as Singapore and Tokyo.

December 3, 2025, The Jakarta Post

(https://www.thejakartapost.com/business/2025/12/03/huawei-cloud-to-expand-data-centers-in-indonesia-next-year.html)

The government has secured investment commitments from China for 16 projects valued at a total of IDR 36.4 trillion (US$2.2 billion) under a memorandum of understanding (MoU) linked to the “Two Countries, Two Parks” initiative. Coordinating Economy Minister Airlangga Hartarto announced on Thursday that the agreement was finalized during a meeting with a Chinese Communist Party representative from the city of Fuzhou on Wednesday.

“During the meeting, an MoU was issued for 16 projects. These 16 projects are related to the Two Countries, Two Parks program. The total investment for the 16 projects is IDR 36.4 trillion,” Airlangga said at the State Palace in Jakarta, as reported by Kumparan. The project portfolio spans heavy industries, agriculture, and trade. Key initiatives include establishing a 1-million-tonne steel plant, a food processing facility for meat and marine products, and a specialized textile research and development center. The projects also venture into coal, nickel-iron (Fe-Ni) trade, textile raw materials, and plantations.

The partnership is expected to further develop the agricultural sector, according to Airlangga, involving collaborative ventures in the tea industry, as well as the direct sourcing of key agricultural products, such as coconuts and durians. A significant portion of this new investment is slated for the Batang Industrial Special Economic Zone in Central Java. The minister hailed the influx of capital as a driver of regional development, saying it was “one way to accelerate investment in the Batang Industrial Zone.”

The Two Countries, Two Parks program was established as a key outcome of a meeting between Chinese President Xi Jinping and Indonesian President Prabowo Subianto in Beijing last November. The initiative focuses on investment in three locations: the Batang Industrial Estate, the Wijayakusuma Industrial Estate in Semarang, also in Central Java, and the Bintan Industrial Estate in the Riau Islands province.

Chinese companies have been pivoting toward Indonesia not only for its export potential but also to tap into the vast domestic market. Gao Xiaoyu, the founder of an industrial land consulting firm in Jakarta, has been inundated with calls from Chinese companies eager to expand or set up operations in Indonesia as they try to shield themselves from hefty United States import tariffs, according to a Reuters report published on Aug. 14.

US duties on goods shipped from China currently exceed 30 percent. The US tariff rate for most goods from Indonesia is lower, at 19 percent, which is the same as imports from Malaysia, the Philippines, and Thailand, and just below Vietnam’s 20 percent. But Indonesia, as Southeast Asia’s biggest economy and the world’s fourth-most populous country, has an edge over its neighbors, namely the potential of its vast consumer market. Vietnam and Thailand were among the major beneficiaries of the first wave of Chinese companies’ overseas diversification, but amid the latest trade turmoil with the US, other neighbors are also benefiting.

November 28, 2025, The Jakarta Post(https://www.thejakartapost.com/business/2025/11/28/ri-china-ink-2-2-billion-in-deals-for-16-investment-projects-airlangga.html)

Following President Prabowo Subianto’s visit to Australia on Nov. 12, Canberra has renewed efforts to encourage its domestic investors to step up investment in Indonesia, particularly in renewable energy and infrastructure projects. Assistant Minister for Foreign Affairs and Trade Matt Thistlethwaite said the Australian government was keen to strengthen cross-border investment flows, pointing to the country’s vast pension industry, which manages assets worth A$4.3 trillion (US$2.8 trillion) as of June. Historically, much of that capital has flowed into North America and Europe. However, the government is now seeking to redirect a portion of it toward Southeast Asia, including Indonesia.

In 2023, Australia launched a long-term policy framework titled “Invested: Australia’s Southeast Asia Economic Strategy to 2040”, aimed at encouraging institutional investors to tap high-growth markets in the region. One of the strategy’s main tools is the A$2 billion Southeast Asia Financing Facility, which provides loans, guarantees and equity to help unlock clean energy and infrastructure projects. The Australian government has also established a facility for infrastructure project preparation under the Indonesia–Australia Partnership for Infrastructure (KIAT), launched in 2016.

“Ports, airports, roads and rail—these are the kinds of projects Australian pension funds and investment banks have already backed in Southeast Asia. We’re looking for opportunities to support more of them,” Thistlethwaite said on Monday during an international media visit in Sydney.

He added that Australian investors, like their global counterparts, required regulatory certainty, including strong risk-mitigation measures and competitive returns. Austrade chief executive officer Paul Grimes echoed those views, noting that while pension funds naturally pursued strong returns, long-term engagement was equally critical for successful investment in Indonesia.

“We need to invest and build linkages, understand the market and ensure the relationship endures. It’s not a one-off thing. Our collaboration must benefit both sides,” Grimes said.

He identified the energy transition as a key frontier for joint investment, citing Australia’s strength in supplying raw materials and supporting industries for clean-energy technologies, including batteries.

“It’s not necessarily the mining itself, but all the services and technologies around it. Mining today is as much about equipment, engineering and services,” he said. “We are also looking to build manufacturing capability in Indonesia.”

Meanwhile, Austrade’s senior trade and investment commissioner for Indonesia, Stephen Skulley, said Australian missions and agencies in Jakarta had been instructed to align their programs closely with Prabowo’s policy priorities, including food security. This approach underpinned the Australian Agribusiness Mission to Indonesia on Nov. 10, which sought to explore opportunities beyond traditional beef and wheat exports. Skulley said the A$2 billion Southeast Asia Financing Facility had already supported three climate-focused investment platforms in the region. While he did not disclose specific projects or returns, he noted that Export Finance Australia’s Southeast Asia portfolio had expanded by 40 percent over the past three years.

On Oct. 27, Australian Prime Minister Anthony Albanese announced two commitments under the facility: a A$175 million investment in IFM Investors’ Asia-Pacific Debt Fund and a US$50 million contribution to a new Southeast Asia public-private partnership (PPP) fund launched by infrastructure specialist Plenary.

“The idea is to crowd in capital from superannuation funds. It’s still early days, but it’s generating strong interest,” Skulley said.

November 20, 2025, The Jakarta Post(https://www.thejakartapost.com/business/2025/11/20/infrastructure-renewables-at-center-of-australias-ri-investment-push.html)

The United Arab Emirates (UAE) has reaffirmed its commitment to expanding investment and strategic cooperation with Indonesia, particularly in renewable energy, infrastructure and technology. The pledge was conveyed during the Emirati Indonesian Economic Strategic Dialogue (EIESD), held on Wednesday in Jakarta. The meeting was co-chaired by Indonesia’s Minister of Investment and Investment Coordinating Board (BKPM) head, Rosan Perkasa Roeslani, who also serves as CEO of Danatara, and UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei.

Speaking at a press conference, Rosan said that while the UAE had already made investments in Indonesia including solar and geothermal projects with Pertamina in Cirata the potential for further cooperation remained “enormous.”

“Therefore, we need to invest more,” Rosan said.

He highlighted several priority sectors discussed during the dialogue, including new investments in aluminum downstream processing in West Kalimantan and potential participation in upcoming waste management projects following the launch of the first seven projects. The two countries also explored joint investments in Indonesia’s rapidly expanding data center industry.

“In infrastructure, the UAE has also shown interest in the port sector and other major projects. They have even offered to co-invest with Danatara in ports overseas, not only in Indonesia, given their strong track record in port management,” Rosan added.

He expressed appreciation for the UAE’s continued support, saying the partnership aligns with Indonesia’s goal of achieving net-zero emissions by 2060 or earlier with international assistance.

“We will continue to strengthen this collaboration across various industrial sectors to create mutual benefits and greater prosperity for both countries,” he said.

UAE Minister Suhail Mohamed Al Mazrouei described the meeting as highly successful and voiced confidence in the future of bilateral economic cooperation.

“Indonesia’s infrastructure needs require significant investment, and the UAE would be delighted to contribute and partner with our Indonesian brothers and sisters,” Suhail said.

He acknowledged that the UAE’s current investment in Indonesia represented only a fraction of the available opportunities and stressed that upcoming projects aim to generate jobs and future energy capacity. Suhail underscored the importance of the data center sector, calling it essential for supporting future manufacturing as industries increasingly rely on data and artificial intelligence.

“Indonesia has enormous potential in human resources. These smart young people will innovate if they have access to energy and technology,” he said

Key areas of cooperation identified by UAE firms include aluminum, data centers, energy interconnection and other strategic sectors.

“Our sovereign wealth funds are already investing in Indonesia. We are looking for new opportunities, and if we identify additional areas of collaboration with Danatara or its subsidiaries, we will announce them,” Suhail concluded.

November 19, 2025, CNBC Indonesia(https://www.cnbcindonesia.com/news/20251119203304-4-686789/uea-perkuat-investasi-di-ri-data-center-hingga-hilirisasi-aluminium)

The International Monetary Fund (IMF) has praised Indonesia for maintaining solid economic growth and keeping inflation within target despite mounting global headwinds, while warning that major domestic policy shifts could pose risks if not carefully managed.

In a statement following its 2025 Article IV consultations, the IMF said on Saturday that “Indonesia remains a global bright spot, with strong economic growth amid a challenging external environment, and inflation expected to remain comfortably in the target range.”

IMF mission chief for Indonesia Maria Gonzalez said the economy has shown resilience to external shocks, with gross domestic product (GDP) projected to grow by 5 percent in 2025 and 5.1 percent in 2026.

However, she pointed to lingering external risks, including trade tensions, prolonged global uncertainty, and volatility in financial markets. On the domestic front, Gonzalez cautioned that large policy changes, if not backed by strong safeguards, could build vulnerabilities.

“Upside risks include bolder structural reforms, including a faster-than-anticipated push on the trade front, and positive spillovers from stronger growth among trading partners,” she said.

The IMF projects Indonesia’s fiscal deficit to reach 2.8 percent of GDP this year, broadly in line with the government’s latest estimate of 2.78 percent and still below the legally mandated cap of 3 percent. The deficit stood at 1.56 percent of GDP at the end of the third quarter. Finance Minister Purbaya Yudhi Sadewa said on Friday that several state institutions had opted to return unspent funds rather than fully absorb their budget allocations. For 2026, the IMF expects the deficit to widen slightly to 2.9 percent of GDP, based on more conservative assumptions for growth and revenue compared with those in the state budget plan, which targets a lower deficit of 2.68 percent.

“Carefully managing budget execution to secure the authorities’ budget target would provide needed fiscal support to the economy while preserving fiscal space should downside risks materialize,” Gonzalez said, adding that fiscal risks must be contained through prudence, strong safeguards, and rigorous oversight of quasi-fiscal operations.

The IMF also called for stronger revenue mobilization, better-quality spending, and improved efficiency to strengthen the role of fiscal policy in supporting growth. Gonzalez noted the government’s ambition to turn Indonesia into a high-income economy by 2045, but stressed that this would require ambitious structural reforms, including improvements in infrastructure, deregulation, reduced trade barriers, and deeper global integration. She added that Indonesia needs to strengthen its supply side, promote micro, small, and medium enterprises, attract higher foreign direct investment, and foster a more dynamic private sector. The IMF’s assessment was based on discussions with government officials, Bank Indonesia, the Financial Services Authority (OJK), public institutions, as well as private sector and civil society representatives held between Nov. 3 and 12.

November 18, 2025, The Jakarta Post

(https://www.thejakartapost.com/business/2025/11/18/indonesia-still-bright-spot-in-troubled-world-economy-imf.html)