China might have dominated new major investments in Indonesia, which are mostly focused in metal processing (nickel, copper, and silica sands), but South Korea has stepped up presence through some big initiatives as well. Other than Lotte Chemical’s US$5 billion petrochemical project in Banten, LG Energy Solutions and Hyundai have laid foundations for the country’s ambition to become global hub for electric vehicle (EV) ecosystem. 

Minister of SMEs and cooperatives Teten Masduki, a confidante of President Joko ‘Jokowi’ Widodo, recently sparked national debate related to his remarks about the need to ban TikTok running social media and e-commerce simultaneously. 

Chinese coffee chain Cotti Coffee, the world’s fifth largest, has expanded its presence into Southeast Asia, opening first store in Indonesia at Jakarta’s Kuningan City Mall last month. Cotti Coffee opened its first store in Jakarta only less than a week after opening the first international site in Seoul, South Korea.

Indonesia welcomed 1.12 million visits of foreign tourists in July, an increase of 5.6% from June. That means the country already welcomed 6.3 million visits in the first seven months of 2023, jumped by 197% from the corresponding period last year. 

With the exception of Jembo Cable (JECC) and Kabelindo Murni (KBLM), which reported flat and lower sales, three other cable manufacturers listed on the Indonesia Stock Exchange (IDX) reported relatively stronger performance in the first half of 2023. 

Nickel miner Vale Indonesia (INCO), co-owned by state mining company MIND ID, Vale, and Sumitomo Metal Mining, announced on Friday (August 25) that it signed a definitive cooperation agreement with Zhejiang Huayou Cobalt Co. Ltd (Huayou) and PT Huali Nickel Indonesia (Huali) to construct high-pressure acid leaching (HPAL) facilities.

Thailand sugar producer Mitr Phol has reportedly acquired a 75% shares in Kebun Tebu Mas (KTM), one of sugar refineries in Indonesia, but the value of the deal yet to be disclosed.

President Joko ‘Jokowi’ Widodo is scheduled to inaugurate the Indralaya-Prabumulih (64.5 KM) toll road in South Sumatra province soon, which will boost connectivity in Sumatra Island, home to around 60 million population. This might be followed with inauguration of Binjai-Pangkalan Brandan (57.5 KM) in North Sumatra province in the coming months.