China was the first country visited by president elect Prabowo Subianto. This was followed with claims from Luhut Binsar Pandjaitan (coordinating minister for maritime and investment affairs) that Prabowo-Gibran government will proceed with the Bandung-Surabaya high-speed train (HST).

Indonesia welcomed 1.31 million visits of foreigners in July, increased by 9.42% from June 2024. That means the country has welcomed 7.75 million visits in the seven months of 2024, an increase of 20.75% from the corresponding period last year. The total number of foreign tourist visits during this period was the highest since 2020.

Seamless pipe manufacturer PT Artas Energi Petrogas and PT Inerco Global International, owned by Hendrik Kawilarang Luntungan, signed the cooperation agreement worth Rp5 trillion for funding the factory’s operation. The factory will be the first seamless pipeline factory in Southeast Asia, located at Krakatau Steel Industry complex in Cilegon, Banten province.

The government has already allocated US$455 million for electric motorcycle subsidy since it was announced in May 2024. The subsidy will cover the purchase of 800,000 new electric motorcycles and the conversion of 200,000 combustion engine motorcycles into electric ones.

Indonesia is a country with great potential for developing renewable energy as the Government has emphasized Indonesia’s potential as a leading hydrogen and green ammonia producer in the region.

Tourism industry in Indonesia has recovered well with 21% growth of visits from foreigners in the first half of 2024. Further recovery combined with completion of some major connectivity infrastructure could lead to growth of investments in the hospitality industry.

Nickel has been traded above US$16,000 per ton in the past few weeks, but still 18% below the same period last year as concern on oversupply from Indonesia lingers on. Some companies operating RKEF smelters are now negotiating with banks to get refinancing for lower rates to stay afloat.