Luhut Binsar Pandjaitan, coordinating minister for maritime and investment affairs, has just returned home from a visit to China, where he met leaders of some major business players late last week. On Monday, Luhut was speaker at China (Sichuan)-Indonesia Economic and Trade Conference in Jakarta.

Attracting investors to participate in the development of new capital city Nusantara in Penajam Paser Utara, East Kalimantan province proved to be challenging. But, it took years for domestic investors, including major business groups, to join toll road projects (after 2014 presidency of Jokowi). 

PT Nippon Shokubai Indonesia, subsidiary of Japan’s Nippon Shokubai, inaugurated its third acrylic acid facility with the production capacity of 100,000 metric tons per annum in Cilegon, Banten province.  The new facility, built with US$200 million of investment, makes Indonesia the largest production base for Shokubai outside Japan.

Coal miner Adaro Energy Indonesia (ADRO) and its subsidiary Adaro Minerals Indonesia (ADMR) provide loans to subsidiaries as a commitment to develop an aluminum smelter in North Kalimantan province, which is slated to start commercial operation in 2025.

There were media reports about complaints from buyers of apartment units at Antasari Place (previously Antasari 45) due to the delay in delivery of the products. The new owner, however, logged complaints about those media reports because they’re deemed damaging reputation of the new owner. 

Anies Baswedan, president candidate from NasDem, Democratic Party, and PKS, recently criticized the government’s plan to ‘subsidize’ electric vehicles. The government, through coordinating ministry for maritime and investment affairs, responded by saying the government will not subsidize EV, but reduce tax components instead. We’re not going to discuss this further, but elsewhere EV has continued to take away the automotive market from combustion engine cars.

President Joko Widodo (Jokowi) on Monday (May 15) received a visit from a delegation from South Korea (South Korea) led by Minister of Agriculture Chung Hwang-Keun and leaders of LG Energy Solution, Hyundai, CJ Group and LS Group.

Sinarmas, one of the largest business groups in the country, has kicked off yet another major expansion. This time is in one of Widjaja Family’s core business: pulp and paper. The Group’s pulp and paper firm Indah Kiat Pulp & Paper (INKP) plans to build new paper mills with estimated investment of US$3.62 billion or equivalent to Rp57.14 trillion in Karawang, West Java.

Link Net (LINK), provider of broadband Internet and cable TV, suffered 14.3% decline in sales revenues from pay TV services in the first quarter of 2023 following 6.7% decline in full year 2022. Pretty much as predicted, consumer preferences might have caused a shift in the entertainment market due to the fast growing streaming services.