Category Archives: Trading

Tourist confidence crucial for recovery of Indonesia’s tourism sector

Jakarta Efforts to restore the confidence of tourists is considered a key for the success of the country’s tourism sector recovery, according to an official..


“Indonesia is experiencing a lack of trusted destinations from foreign and domestic tourists. Hence, we must work together to gain the tourists’ confidence ,” Deputy of Marketing Division of the Ministry of Tourism and Creative Economy Nia Niscaya said in a statement here on Sunday.


In fact, all countries have lost tourists’ confidence owing to the COVID-19, Nia Niscaya said while speaking in ASITA’s online business discussion on “Synergy of ASITA and the Government to Respond to the New Normal policy in the Indonesian Tourism”.


Related news: Ujung Kulon National Park prepares to reopen


She is upbeat that the tourists’ confidence is restoring as Indonesia has managed to record positive growth and come out of the red zone.


The discussion was participated in by Indonesian Ambassador to Singapore Ngurah Swajaya, Indonesian Ambassador to Laos Pratito Soeharyo, and Kosmas Harefa from the office of the Coordinating Minister for Maritime Affairs and Investment, among others.


As parts of the efforts to regain the tourists’ confidence, the Tourism and Creative Economy Ministry has formulated and socializing health protocols dubbed Cleanliness, Health and Safety (CHS) protocols.


“This is the main issue when it comes to tourists. Indonesia’s success in handling COVID-19 can be a consideration in building the nation branding. Hence, a synergy between ASITA and representatives of market countries is needed to boost tourist confidence,” she said.


Related news: Wakatobi to reopen tourist destinations in July 2020


Learning from several countries that have been able to recover from the COVID-19 outbreak, the ministry will first focus on domestic market .


The ministry will carry out a strategy by launching a campaign dubbed #DiIndonesiaAja (#JustStayInIndonesia) targeting the market segmentation of families, couples, individual tourists or fully independent travelers (FIT), and the government.


Likewise for the international tourist market, the ministry is preparing a strategy by launching a #DreamNowTravelTomorrow campaign for its CHS protocol branding.


“The point is we have to be able to be present in the market by displaying contents that inspire tourists,” Nia Niscaya said.





Source: Antara News



Balanced approach needed to battle twin health and economic crises


As its coronavirus case count crosses 50 thousand, Indonesia, which has been battling the COVID-19 pandemic since March 2, 2020, is facing twin crises: a public health emergency and an economic downturn.

As of June 26, 2020, Indonesia has recorded 51,427 confirmed cases of the novel coronavirus disease, or COVID-19. Of the total number of confirmed patients, 21,333 have been discharged from hospital, while 2,683 others have succumbed to the deadly virus.

Over the past few months, Jakarta has emerged as the epicenter of the COVID-19 outbreak in Indonesia, but now, the trend in Greater Surabaya areas, which include Surabaya City and the districts of Sidoarjo and Gresik, is becoming a cause for concern.

According to the East Java provincial government’s COVID-19 Task Force, Surabaya, the capital of East Java Province, has recorded 4,962 confirmed cases with 1,838 recoveries and 369 deaths as of June 24, 2020.

Meanwhile, Sidoarjo District has recorded 1,287 positive cases, 207 recoveries, and 97 deaths, followed by Gresik District, with 534 confirmed cases, 77 recoveries, and 55 fatalities.

The spread of COVID-19 in those areas should firstly be brought under control, President Joko Widodo (Jokowi) advised. An integrated approach is needed to handle the COVID-19 pandemic and reduce the number of cases, he said.

During a visit to Surabaya on Thursday to review the handling of the COVID-19 pandemic in East Java, President Jokowi gave the province two weeks to adopt an integrated approach and bring COVID-19 infections under control.

For Indonesia, COVID-19, which initially emerged in the Chinese city of Wuhan in 2019 and then spread to over 215 countries and territories across the globe, is not merely a public health issue.

The pandemic, which is undeniably a huge crisis in human history, has also crippled the global economy, partly owing to travel restrictions, shut-down of business entities, disruption of supply chains, and border closures.

President Jokowi said he has been apprised of the global economic crisis being a real challenge, and added that several nations have felt its impact amid the ongoing global pandemic.

The International Monetary Fund (IMF) has forecast that this year, several countries would experience an economic contraction.

The US economy is projected to contract up to minus 8 percent, while the economies of Japan, the UK, France, Italy, Spain, and Germany are expected to decline to -5.8 percent, -10.2 percent, -12.5 percent, -12.8 percent, – 12.8 percent, and -7.5 percent, respectively.

“What does this mean? It means that supply, demand, and production will get disrupted. We must be aware of the fact that while we are handling public health issues, we are still reeling from the other problem, that is, the economy,” President Jokowi remarked.

According to the IMF, “Indonesia’s growth slowed in the first quarter of 2020 to 3 percent y/y (from 5 percent in Q4:2019), or -2.4 percent (q/q), mostly driven by reduced consumption and investment as containment measures were stepped up in late February”.

Indonesia’s rupiah has depreciated by 1.9 percent against the US dollar, while equity prices have dropped by 21 percent, up from a 40-percent decline in late March, according to IMF’s policy tracker, published on its official website.

“The yield on rupiah-denominated 10-year government bonds has increased marginally by 8 bps to 7.1 percent, down from a 132-bps spike in late March,” the IMF revealed.

This has prompted the call for maintaining a balance in pushing the brake and accelerator pedals in managing the public health and economic crises.

According to President Jokowi, the nation cannot push economic matters while ignoring health issues.

On the other hand, it cannot solely focus on health issues and allow the economy to get disrupted, he added.

“I have repeatedly informed regional leaders to push ‘the brake and accelerator pedals’ in a balanced mode. This is now challenging,” he reiterated.

The President has urged the nation to have the mental fortitude to face this reality, as all countries, including Indonesia, are reeling from the public health and economic crises brought on by the COVID-19 pandemic.

The public health and economic crises caused by the pandemic have undoubtedly encumbered several nations.

“The disease has not solely affected Indonesia since it has spread to 215 countries,” President Jokowi noted.

To ensure that the country wins the battle against the pandemic, the President has urged all Indonesians to understand the significance of practicing measures mandated by the healthcare and COVID-19 protocols, including wearing face masks and avoiding crowds.

Hence, people at large must not misinterpret the new normal era as a time for doing away with safety measures, such as wearing face masks while venturing outdoors and practicing physical distancing, which have been implemented to break the chain of COVID-19 transmission. (INE)



Source: Antara News



Govt offering Rp400 bln in ultra microcredit to MSMEs

Jakarta (ANTARA) – The Government Investment Center of the Ministry of Finance has launched a Rp400-billion ultra micro financing scheme (UMi) to help sustain Micro, Small and Medium Enterprises (MSMEs) in wake of the COVID-19 pandemic.

The scheme will be carried out in cooperation with PT Pegadaian, which will extend the UMi facility to micro businesses.

The distribution of ultra microcredit would serve to demonstrate the government’s commitment and its role in supporting the National Economic Recovery Program, said Ririn Kadariyah, managing director of the Government Investment Center, Ministry of Finance, on Thursday in Jakarta.

“We have gone all out as a Public Service Agency (BLU) and State-Owned Enterprise, which are micro-business actors, (to) collaborate and support the National Economic Recovery Program,” Kadariyah said after signing the collaboration document with the president director of Pegadaian.

She said the distribution of Rp400 billion in UMi funding will be carried out by Pegadaian to support micro businesses, which are yet to have full access to the banking sector, with a grace period of six months offered for loans.

“Of the Rp400 billion, Rp100 billion will be in the form of sharia financing, which is the first handover from the Government Investment Center to Pegadaian. I really appreciate Pegadaian’s cooperation in this program,” she said.

The policy of supporting MSMEs is deemed a strategic step as the sector has been one of the most affected by COVID-19 and contributes significantly to the national economy — around 57 percent of the Gross Domestic Product (GDP).

The government has formulated several policies to help support MSMEs amid the COVID-19 pandemic, including provision of tax incentives, credit restructuring and relaxation, interest subsidies, and business capital credit assistance.

Meanwhile, president director of PT Pegadaian, Kuswiyoto, said he is committed to reviving micro businesses affected by COVID-19 through the distribution of UMi alongside other parties, including PT PNM and PT Bahana Artha Ventura.

“Pegadaian is carrying out the Government Investment Center program through its UMi Creation program to provide loan facilities to micro businesses that have difficulty accessing financing from banks,” he elaborated.

Pegadaian also plans to start other financing schemes for MSMEs in 2020, including distribution of UMi through KCA-UMi pawn products under conventional schemes and Rahn-UMi under Sharia schemes, he added.

As of June 24 this year, Pegadaian has provided Rp618.36 billion in UMi to more than 93,604 debtors, he stated. Through funding of Rp400 billion under the first phase, in the remaining months of 2020, the company is expected to be able to pursue a distribution target of Rp1.2 trillion by the end of the year.

Pegadaian, a non-banking financial institution that provides UMi financing, has a significantly wide network of 4,000 operational outlets and a customer base of 14 million across Indonesia. (INE)


Source: ANTARA News

Jokowi visits Rogojampi market after inspecting Surabaya

Banyuwangi (ANTARA) – President Joko Widodo (Jokowi) visited the Rogojampi public service market, Banyuwangi District, East Java, Thursday, after inspecting the steps taken to handle the COVID-19 pandemic in Surabaya.

Banyuwangi District Head Abdullah Azwar Annas welcomed the president, who arrived at the Banyuwangi International Airport at 14:00 WIB local time, in the company of Minister of Tourism and Creative Economy Wishnutama Kusubandio, Cabinet Secretary Pramono Anung, and other related officials.

The president and his entourage headed to the Rogojampi Public Service Market from Banyuwangi Airport.

The head of state visited the two-story market while highlighting health protocols, such as wearing masks and face shields.

East Java Governor Khofifah Indar Parawansa and Chairman of the Task Force for the Acceleration of Handling COVID-19 Doni Monardo were also present.

After a visit to Rogojampi, the head of state will also reportedly inspect tourist sites in the So Long Banyuwangi area to observe the readiness to imbibe new habits in the tourist destination

In Surabaya, President Jokowi reminded all people to harbor a common perception that all were currently reeling from a health and economic crisis.

Speaking in connection with the COVID-19 pandemic in East Java, the president urged the East Java government to work towards reducing the number of positive cases within a two-week period.

“Within two weeks, the COVID-19 handling efforts from all organizational units should be integrated,” Jokowi stated.

The number of COVID-19 cases in East Java, based on data from the Task Force for the Acceleration of Handling COVID-19, as of Wednesday (June 24) reached 10,298, while 750 succumbed to the coronavirus infection in East Java.


Source: ANTARA News

VP upbeat about rapid development in sharia economy in Indonesia

Jakarta Vice President Ma’ruf Amin is optimistic of rapid development in sharia economics and finance in Indonesia, particularly following the establishment of the National Sharia Economic and Financial Committee (KNEKS).

“I am hopeful that the development of sharia economy in Indonesia will accelerate after the establishment of the National Sharia Economic and Financial Committee (KNEKS). As a chairman, I lead directly the development efforts of sharia economics and finance,” the vice president remarked while delivering speeches at the 56th Anniversary of the Universitas Muslim Indonesia (UMI) Makassar virtually from Jakarta on Tuesday.

To realize sharia economic development, the government, business actors, the private sector, and the community should focus more on at least four aspects.

Firstly, the development and expansion of the domestic halal product industry must change, from being a halal consumer to the largest producer of halal products in the world.

“Thus far, we have only been busy being halal seals, but we have not yet become a halal producer. With the development and expansion of the halal product industry, we are upbeat about Indonesia becoming the largest halal producer in the world,” Amin remarked.

Along with developing halal products, Islamic financial and banking activities must also be developed, one of which is the establishment of Islamic banks as part of conventional banks.

Third, sharia social funds must also be developed, especially endowments, zakat, and infaq, which have huge potential in Indonesia.

“The (social) funds collected today are far from the potential that we should have obtained. Hence, we will encourage sharia social funds, such as waqf, zakat, and infaq, to be more optimal,” he stated.

Finally, Amin called to also expand sharia business activities, especially those of micro, small, and medium businesses.

“I hope that all of us would continue to promote sharia economics and finance in Indonesia, so that they continue to grow and reach their potential,” he added.


Source: Antara News