Indonesia's coal and gas prices surge, Middle East tensions fuel the rise
Recently, coal prices have surged to a six-week high, following a similar trend to the sharp rise in natural gas prices. In November, Newcastle coal prices rose to $149.6 per ton, and are expected to reach $151.5 in December; Rotterdam coal prices rose to $123.45 in November, and will reach $123.75 in December. The escalation of the Middle East conflict has raised concerns about natural gas supply disruptions, causing high market volatility. Although above-average temperatures in Central and Western Europe have continued the trend of weak demand, the Middle East conflict and energy supply-demand imbalances are still driving up gas and coal prices. In addition, China's National Day holiday inventory replenishment, heavy rain
Indonesia Suddenly Tightens Restrictions on Imports from China
The 2nd Indonesia-China Building Materials & Hardware Trade Fair to Open Soon
150 Domestic and International Franchise Brands Participate in Business Expo
Indonesian Government Plans to Vigorously Develop Palm Oil Downstream Industry
Indonesia's Ministry of Energy and Mineral Resources Continues to Strengthen Cooperation and Development with Chinese Enterprises
The Ministry of Energy and Mineral Resources (ESDM) and CNGR, a Chinese company operating in the nickel industry, have agreed to cooperate in the fields of energy and minerals as well as human resource (HR) development. This cooperation was marked by the signing of a Memorandum of Understanding (MoU) between the Head of the Human Resources Development Agency (BPSDM) and CNGR's Assistant President at the CNGR Industrial Area in China. This visit and the signing of the MoU mark the beginning of deeper strategic cooperation aimed at achieving mutual benefits. Their visit to the CNGR industrial area and the signing of the MoU signify the start of cooperation between the Ministry of Energy and Mineral Resources and CNGR,
Prabowo Witnesses Huawei Supporting Indonesia's Renewable Energy Development
Indonesia's state electricity company PLN signed a Memorandum of Understanding (MoU) with two Chinese companies, Huawei and SDIC Power. The signing took place during President Prabowo's recent visit to China. The MoU aims to help Indonesia achieve energy self-sufficiency and promote the country's transition to renewable energy. During the signing ceremony, Prabowo stated that Indonesia and China have built a strong partnership in the energy sector, and Indonesia also seeks to achieve energy self-sufficiency through cooperation with other countries, including China. President Prabowo said that this cooperation opens a new chapter in Indonesia-China economic relations,
Indonesia's VAT Rate to Increase to 12% by Next Year at the Latest
Starting January 1, 2025, the government will raise the Value Added Tax (VAT) rate from the current 11% to 12%. However, the Directorate General of Taxes stated that implementation will follow after the new government takes office. Law No. 7 of 2021 on Harmonization of Tax Regulations stipulates the VAT increase. According to the regulation, the VAT rate can be raised from 11% to 12% before January 1, 2025. The Director of Promotion, Services, and Public Relations of the Directorate General of Taxes stated that regarding the implementation timeline, they are guided by the mandate of the HPP Law, which is no later than January 1, 2025. Although the HPP Law regulates this,
List of Items Exempted from Import Duties or VAT in Indonesia Starting Next Year
The Minister of Finance has exempted certain imported goods from import duties and/or Value Added Tax (VAT). These items include aircraft spare parts, scientific and technical books, coffins or other packages containing corpses or ashes. This policy is regulated in Article 219 of the Minister of Finance Regulation (PMK) No. 81 of 2024 concerning Tax Provisions for the Implementation of the Core Tax Administration System, which will take effect from January 1, 2025. Article 219 of the regulation states that the following are not subject to Article 22 Income Tax: imported goods and/or deliveries that are not subject to income tax according to laws and regulations; imports exempted from import duties and/or
Indonesia Plans to Block IMEI Numbers of iPhone 16
Indonesian consumers may need to be more patient when waiting for Apple's latest iPhone 16 smartphone, as not only has the phone not been approved for sale, but there is also the threat of IMEI blocking. The Ministry of Industry is preparing to prevent the iPhone 16 from being sold in the country, so Indonesian citizens who own an iPhone 16, whether purchased from e-commerce platforms or abroad, must be prepared for the possibility that the new phone will not work. The Ministry estimates that since its launch in the United States, approximately 9,000 iPhone 16 units have entered Indonesia.
China-Indonesia Business Forum Held in Beijing
The China-Indonesia Business Forum was held in Beijing on the 10th. Gao Yunlong, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of the All-China Federation of Industry and Commerce, attended and delivered a speech. Gao Yunlong stated that China is willing to work hand in hand with all sectors of Indonesia to deeply implement the important consensus reached by Chinese leaders and President Prabowo, continuously achieve new results in bilateral trade and investment cooperation, and further build a model of mutual benefit and win-win cooperation for developing countries, a benchmark for common development, and a pioneer in South-South cooperation.
China and Indonesia Sign Seven Cooperation Agreements
President Prabowo, together with the Chinese national leadership, witnessed the signing of seven cooperation agreements between Indonesia and China. According to the Presidential Secretariat, the signing ceremony for the cooperation agreements was held in a room at the Great Hall of the People on Saturday (November 9, 2024). The cooperation agreements were signed by relevant ministers from both Indonesia and China. The Indonesian officials who signed included the Coordinating Minister for Economic Affairs, Minister of Foreign Affairs, Minister of Energy and Mineral Resources, and Minister of Marine Affairs and Fisheries. The cooperation agreements signed between Indonesia and China include the Protocol on Phytosanitary Requirements for the Export of Fresh Coconut Fruit from Indonesia to China, Technical Work Guidelines for Promoting Sustainable Capture Fisheries, Mutual Understanding Memorandum on Strengthening Blue Economy Cooperation, Memorandum of Understanding on Mineral Resource Cooperation, Mutual Understanding Memorandum on Green Mineral Cooperation, Mutual Understanding Memorandum on Water Sector Cooperation, and Mutual Understanding Memorandum on Conformity Assessment Cooperation. Some of these agreements reflect a comprehensive approach to strengthening Indonesia-China relations in various fields. The agreements also reflect the commitment of both countries to continue enhancing bilateral cooperation between Indonesia and China.