Tag: international business

A millennial-driven wave of digitalization has been sweeping across Indonesia’s aquaculture industry. In Yogyakarta, which is a major producer of tilapia and catfish, PT Banoo Inovasi Indonesia is helping fish farmers raise the output of the two freshwater species. Banoo produces an aquaculture system called MycroFish that uses aerators and sensors to ensure fish ponds maintain optimal levels of oxygen, acidity, and temperature. The company claims the system increases pond productivity by up to 42 percent. Banoo chief marketing officer Lakshita Aliva Zein said the company hoped to sell 100 devices this year. A total of 62,208 freshwater fish farmers were operating in the province in 2020.

“We hope we can get more fish farmers to benefit from our products moving forward,” said the fisheries science graduate from Gadjah Mada University on Feb. 10.

Tilapia and catfish are the country’s most widely produced aquaculture products after seaweed, according to 2017 statistics. The species made up 8.2 percent and 7.2 percent, respectively, of the 15.52 million tons of national aquaculture production in 2017, Statistics Indonesia (BPS) data show.

There are over 700 start-ups in the country’s aquaculture industry, according to aquaculture start-up group Digifish Network, which has 30 members itself. These start-ups are competing to tap into a market that the Marine Affairs and Fisheries Ministry expects will be worth US$17.47 billion by 2024. Industry incumbents include eFishery, which bagged $90 million in its series C funding round on Jan. 10, and Aruna, which took in $30 million in its series A round on Jan 26.

Aquaculture has been gaining traction around the world. Its contribution to the total production and capture of aquatic animals has risen steadily from 25.7 percent in 2000 to 46 percent in 2018, FAO data shows.

Feb 21, 2022, The Jakarta Post

(https://www.thejakartapost.com/business/2022/02/20/aquaculture-start-ups-make-waves-in-indonesian-fisheries.html)

Bank Indonesia (BI) and Bank of Korea signed on Wednesday a memorandum of understanding (MoU) to work closer together on monetary-related issues. The MoU covers policy dialogue, technical discussions, capacity building, joint research, and other relevant forms of cooperation in the area of monetary and macroprudential policy, financial system stability, and payment and settlement systems, among other things. The latter issue includes jointly developing cross-border and digital payment infrastructure.

“Going forward, the cooperation also provides a strong framework for partnership in responding to the future challenges and in embarking on various innovations,” BI communication head Erwin Haryono in a statement.

The announcement of the MoU came just a day before the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting. The MoU adds to the central bank’s long list of cooperation with other central banks and is the second to be signed during Indonesia’s G20 presidency that started on Nov. 1 last year.

“The MoU is expected to serve as an opportunity to substantially strengthen future cooperation with Indonesia, the largest economy in the ASEAN region and one with high growth potential,” said the Bank of Korea in a statement.

On Nov. 8 last year, BI signed a similar MoU with the Central Bank of the United Arab Emirates (CBUAE) to cooperate in developing cross-border payment systems, securing transactions, addressing money laundering, and combatting terrorism financing. In the statement, BI pledged to continue expanding partnerships with many other international partners.

“Such cooperation is an integral part of BI’s contribution to the national economy while also serving as an important development in line with the spirit of the 2022 Indonesia G20 Presidency,” Erwin said.

Feb 17, 2022, The Jakarta Post

(https://www.thejakartapost.com/business/2022/02/17/indonesia-s-korea-central-banks-ink-partnership-deal.html)