Day: October 7, 2021

The ASEAN+3 Macroeconomic Research Office (AMRO) estimates that the ASEAN+3 region will grow by 6.1 percent this year and five percent in 2022 after posting flat growth in 2020.

The ASEAN+3 Macroeconomic Research Office (AMRO) on Thursday (Oct 7) published the Update to its annual flagship report, the ASEAN+3 Regional Economic Outlook (AREO) 2021.

Earlier in March, the AMRO had forecast that the ASEAN+3 region would grow by 6.7 percent in 2021 and 4.9 percent in 2022, after shrinking slightly by 0.2 percent in 2020.

AMRO’s Chief Economist, Hoe Ee Khor, stated that the research office was updating its annual report due to the third wave of COVID-19 triggered by the Delta variant.

ASEAN countries are currently struggling with the third wave of the coronavirus, he pointed out.

“The road to recovery is paved by vaccinations,” AMRO Chief Economist, Hoe Ee Khor, stated at the virtual launch of AMRO’s Annual Report Update titled “ASEAN+3 Regional Economic Outlook (AREO 2021)” monitored in Jakarta, Thursday.

“With most regional economies on track to achieve their vaccination targets by early 2022, we expect the ASEAN+3 region to grow by five percent next year, slightly better than our March projections,” Khor remarked.

The chief economist believes that the region’s rapid progress in vaccinations will be a game changer for containing the virus and gives cause for cautious optimism.

According to Khor, a year and a half into the pandemic, the goal of achieving herd immunity and protection from the virus through mass vaccinations is becoming a reality for the region even while infections have evolved from a pandemic into an endemic state.

The combination of efficacious vaccines and treatments in addition to greater adeptness at targeting containment and support policies are fueling optimism and providing greater clarity on what a post-pandemic “new normal” could look like, he emphasized.

Khor stated that the pandemic had altered the way businesses and consumers transact, accelerated digitalization, and led to the emergence of new business models and types of firms.

Source: Antara News

The Mandalika circuit, which is expected to host global-level events, will help promote tourism sustainability in Mandalika Special Economic Zone in Lombok, West Nusa Tenggara and its surrounding areas, the Deputy Minister of State-Owned Enterprises said.

“We hope, of course, that this is not something that is just for a moment, not just project based, not just once in a while, but we really hope that with the construction of the Mandalika international circuit, it will become an annual cycle that can be followed by various other activities,” Pahala Nugraha Mansury said at a virtual press conference originating from Jakarta on Thursday.

He said the targets for peak events at Mandalika are MotoGP and World Superbike, but throughout the year, as seen from November 2021 to March 2022, it is expected that other international events will also be held in the Mandalika Special Economic Zone.

“Thus, (the circuit) can garner people’s (interest). As I have said about the MotoGP event, every grand prix is watched by more than 400 million people in the world. So, we hope that this can also push the global community to know that there are many tourist destinations in Indonesia,” he added.

The circuit is expected to encourage foreign tourists to visit Indonesia and also get domestic tourists to come to West Nusa Tenggara, which is one of the five super-priority destinations proclaimed by President Joko Widodo, Mansury said.

“I think that tourism is not only providing infrastructure, culture, and experience in these destinations, but also various other experiences. Including the experience of watching MotoGP races or other events that can be held there,” he added.

“We hope that this is all our effort to realize how Lombok as one of the super-priority tourism destinations can really be developed in the future,” he said

Mansury, West Nusa Tenggara Governor Zulkieflimansyah, and some directors of state-owned companies unveiled the official name of the Mandalika international circuit –Pertamina Mandalika International Street Circuit– on Thursday.

Member of Committee X of the House of Representatives, Andreas Hugo Pareira, said that the Mandalika International Circuit, which is being prepared for the MotoGP event, has had a multiplier effect on the development of the Mandalika SEZ and the welfare of the people in Lombok, NTB, and its surroundings.

Pareira said the Mandalika SEZ is a tourism complex with adequate area and is supported by all existing facilities.

The Mandalika Circuit is expected to push the development and promotion of tourism in the Mandalika SEZ, Lombok, in particular, and Indonesia, in general, he added.

Source: Antara News

The Women’s Empowerment and Child Protection Ministry will be the chair and host of the 4th ASEAN Ministerial Meeting on Women (AMMW), which is scheduled to be held from October 11-15, 2021.

“This is the right momentum to create opportunities, start dialogue and diplomacy to jointly build collaborations with various countries in supporting women’s empowerment and gender equality, especially in relation to digital economy and financial inclusion,” Women’s Empowerment and Child Protection Minister Bintang Puspayoga said here on Thursday.

The 4th AMMW symbolizes the regional grouping’s commitment to realizing gender equality and empowering women, she added. The event will be themed ‘Digital Economy and Financial Inclusion for Improving ASEAN Women’s Competitiveness’.

She said the ministry has carried out several activities and pre-trial coordination meetings involving the ASEAN Secretariat, the Government of Vietnam, which is the chair of AMMW, and related ministries and institutions.

“In addition, we have also collaborated with academics, NGOs, and the business world to enliven the AMMW side event series with webinars and exhibitions of women’s MSME products,” the minister added.

The 4th AMMW session will be attended by the Women’s Affairs Minister and members of the ASEAN Committee on Women (ACW), who are high-ranking officials in the women’s affairs ministries of all ASEAN member countries, she said.

“This meeting is very strategic because Indonesia will only be the host, and the AMMW chair makes its return in the next 30 years,” Puspayoga said.

The meeting will feature five series of sessions, starting from October 11, 2021, which will discuss cooperation programs for resolving women’s issues and facilitate the exchange of practical experiences within the theme of digital economy and financial inclusion, she disclosed.

The five series of activities are the 20th ACW Meeting, 13th ACW+3 Meeting, 23rd ACWC Meeting, 8th ACWC – ACW Consultation Meeting, and 4th AMMW, she informed.

“At the 4th AMMW session on October 15, 2021, the ministers will discuss the theme ‘Digital Economy and Financial Inclusion for Improving ASEAN Women’s Competitiveness’. The meeting is expected to produce a Joint Statement of the 4th AMMW Meeting,” the minister added.

Source: Antara News

The Agriculture Ministry has ensured the availability of staple foods in safe and controlled conditions until the end of 2021 in accordance with the prognosis of 12 staple food commodities monitored by its Food Security Agency.

According to the food prognosis as of September 30, 2021, several food commodities entirely produced domestically, without taking into account the carryover surplus, are still in excess. Among other aspects, rice surplus amounts to 1.12 million tons, 1.43 million tons of corn, 450 thousand tons of chicken meat, and 42,500 tons of cooking oil. The data was taken from the Food Security Agency of the Agriculture Ministry in Jakarta on Thursday.

“The value of this balance surplus becomes even greater when taking into account the carryover surplus of the previous year. Rice surplus was recorded at 8.5 million tons; corn, 2.8 million tons; chicken meat, 465 thousand tons; and cooking oil, 618.5 thousand tons,” Head of the Center for Food Distribution and Access to the Food Security Agency of the Agriculture Ministry Risfaheri stated.

As for commodities with a short shelf life, such as shallots, chilies, and eggs, there is always a monthly surplus.

“Of course, we are optimistic of no extreme climatic disturbances, so the estimated production can be achieved,” he noted.

Risfaheri remarked that staple food commodities, whose supplies were partially met from imports, such as garlic, sugar, and beef, still recorded a surplus until the end of the year while combining domestic production and imports. This excluded soybeans, whose balance is still in surplus when taking the carryover stock of the previous year into account.

“If the income plan matches expectations, the stock at the end of this year is estimated to be able to meet the needs for two to three months in early 2022, so that price fluctuations that often occur at the start of the year can be avoided,” he remarked.

Based on monitoring of the Food Price Panel and Food Security Agency’s price projections, strategic food prices were monitored to be stable until the end of the year, except for several staple food commodities. Those include cooking oil and beef whose prices were above the purchase reference price.

The Agriculture Ministry continues to increase the production of local beef. On the other hand, cooking oil is managed through an even distribution by cooperating with state-owned food companies to maintain the stability of supply and cooking oil prices across the region.

Although the national balance of staple food availability is in surplus, Risfaheri pays special attention to distribution between regions, especially in eastern Indonesia. The problem of uneven production distribution and constraints in the form of inter-regional connectivity often led to surplus supply in one region and deficit in other areas.

Source: Antara News

More women microentrepreneurs use the internet in doing their business as compared to men, Minister of Women Empowerment and Child Protection Bintang Puspayoga stated.

“Data shows that 54 percent of women-owned micro-businesses use the internet, as compared to 39 percent of men-owned micro-businesses,” Puspayoga remarked during the international webinar “Women’s Participation in the Digital Economy” here on Thursday.

According to the minister, the data can be interpreted as women having a better survival strategy in facing the COVID-19 pandemic.

Minister Puspayoga also stated that women micro-entrepreneurs were faster at diversifying their products than men.

Furthermore, she observed that women-owned micro-businesses were more agile in creating variations and conducting shifting in sectors, locations, and products, as compared to men-owned ones, she stated.

However, in comparison with men, females were found to use financial services to a lesser extent.

“There are fewer women than men who use financial services,” she affirmed.

Nevertheless, she remarked that based on data from last year, the number of women using financial services had continued to increase.

“The good news is that there has been an increase in women using financial services since last year, and it is a good start for us to push financial inclusion towards gender equality in the sector,” she expounded.

The “Women’s Participation in the Digital Economy” webinar is part of the fourth ASEAN Ministerial Meeting on Women (AMMW) themed digital economy and financial inclusion.

In a webinar on women’s role amid the pandemic recently, the ministry’s Assistant Deputy for Gender Equality Policy Formulation Muhammad Ihsan noted that women entrepreneurs need to become technologically literate to compete amid the pandemic.

“They need to adapt by using information technology, so that they can increase their capacity and are ready to compete, even in this pandemic situation,” he stated.

The PPPA Ministry has made efforts to overcome the gender equality gap by assisting women entrepreneurs, especially females from vulnerable groups, through online training on entrepreneurship, Ihsan affirmed.

Source: Antara News

Bali Governor Wayan Koster received 60 tons of rice from the Regional 8 Bali-Nusa Tenggara Financial Services Authority and the Bali Financial Services Institutions Communication Forum (FKLJK).

“This rice assistance will later be handed over directly to the village or traditional village heads all over Bali to then be given to each resident in the area,” Koster said while receiving the assistance from the Bali Financial Services Authority in Denpasar on Thursday.

He deemed that even the smallest assistance—especially rice, which is a staple food for the community—very meaningful and helpful in the midst of the prolonged COVID-19 pandemic.

He said his administration appreciated the Financial Services Authority and other financial institutions for actively helping the Balinese people who are going through tough times due to the COVID-19 pandemic, which has not ended until now.

Koster also lauded the solidarity shown by a number of businessmen, leaders of financial institutions, and party leaders, as well as organizational leaders, who used their resources to collect donations and aid for the people of Bali.

The governor also reminded the public to avoid exposure to COVID-19 as Bali is getting ready to reopen flights and tourism.

“Even though (COVID-19 cases) have been declining, I ask all people in Bali to continue to follow health protocols, particularly the use of masks that are good and according to recommendations, especially when they are outside the house,” he said.

Meanwhile, head of the Regional 8 Bali and Nusa Tenggara Financial Services Authority, Giri Tribroto, said that during the COVID-19 pandemic, his agency actively participated in activities to push economic recovery in Bali.

“The credit restructuring program in Bali has been implemented well by all industries so far,” he said at the aid distribution event, which was also attended by member of Committee XI of the House of Representatives, I Gusti Agung Rai Wirajaya.

The Financial Services Authority has also been actively involved in assisting local governments in Bali in carrying out vaccination programs for the general public, pregnant women, students, and people with disabilities, Tribroto said. More than 27 thousand people in Bali have been assisted with the vaccination process, he added.

The Financial Services Authority, along with other financial services players in Bali, has carried out several relief activities, he said. They have included distribution of basic necessities and 7 tons of rice with Pegadaian at a vaccination event in Klungkung district, distribution of basic necessities and 10 tons of rice with AAUI, BPD Bali, and Perbarindo at vaccination events in three sub-districts in Buleleng district, he informed.

Other than that, it also delivered assistance for the rehabilitation of learning facilities to Gurukula Bangli Pasraman, provided free life insurance to all new students at the Hindu State University I Gusti Bagus Sugriwa, he said. On Friday (October 8, 2021), the Financial Services Authority will hold a convalescent blood donor activity at its office, he added.

Source: Antara News

The Ministry of Cooperatives and Small and Medium Enterprises and Lewi’s Collective Market provided online training and mentoring to business actors to help shape an entrepreneurial ecosystem based on digital technology, an official has said.

“This is an effort to push the development of entrepreneurs in strengthening the national economy,” deputy of entrepreneurship at the Ministry of Cooperatives and SMEs, Siti Azizah, explained in a statement received here on Thursday.

Lewi’s Collective Market is an event that helps micro, small, and medium enterprise (MSME) players to carry out promotions, marketing, and branding, she informed.

The entrepreneur’s development program is targeted at various groups, including the general public and entrepreneurs at all levels, she added.

According to Azizah, it is necessary to provide support to business actors in the form of promoting entrepreneurship, improving the quality of business ideas, encouraging the achievement of economies of scale, and encouraging business expansion for export or import substitution.

“The intention is to give an impact on reducing the open unemployment rate, reducing poverty, and encouraging economic growth,” she expounded.

The incubation program for entrepreneurs is expected to serve as the backbone for creating an entrepreneurial ecosystem, she said. The program includes support for business consulting and business assistance, capacity building, preparation of entrepreneurs entering the supply chain, and exhibitions for the incubation results, she informed.

The online training and mentoring program was conducted in hybrid format with 30 MSME players attending offline training, which was followed by online training of participants from various business sectors, Azizah said.

On a separate occasion, Azizah had said that the Ministry of Cooperatives and SMEs is encouraging micro, small, and medium enterprises (MSMEs) to join the digital ecosystem to facilitate the recovery of the national economy.

The deputy noted that MSMEs have played a crucial role in the National Economic Recovery (PEN) program. She highlighted that MSMEs make up around 99 percent of businesses in Indonesia and absorb 97 percent of Indonesia’s total workforce and contribute 61 percent to the nation’s GDP (gross domestic product).

Source: Antara News