Glencore, the world’s largest producer of cobalt, has just signed long-term supply deal with SK Innovation, a fast-growing producer of batter for electric vehicles (EV battery). Cobalt and nickel, as you know, are key components of EV battery, whose market size is believed to be US$150 billion by 2025, bigger than the semiconductor market.

We have to wait longer to see state oil and gas company Pertamina implementing expansion of Balongan refinery in West Java. Decision for the multi-billion dollar project is now pending competition of Front End Engineering Design (FEED) between two groups: RRE (Rekayasa Industri, Rekayasa Engineering, and PT Enviromate Technology International) vs JSW (JGC Indonesia, PT Synergy Engineering, and Wijaya Karya).

Indonesia welcomed 13.62 million visits by foreign tourist in the first 10 months of 2019, grew modestly by 2.85% only from the corresponding period last year. Assuming we can welcome 3 million visits in the last two months of 2019, the country can close the year with 16.6 million visits, doubled the number we recorded in 2014.

Entering new year of 2020, some toll roads will star to generate revenues. State-owned toll road developer and operator Jasa Marga (JSMR) is set to benefit from Kunciran-Serpong, Jakarta-Cikampek elevated, Section I of Manado-Bitung, the whole Balikpapan-Samarinda and Pandaan-Malang.

Thousands of Muslim activists staged yesterday a reunion of participants of the 2016 anti-Ahok rally in Central Jakarta, commemorating the third anniversary of a protest on December 2nd, 2016—hence the 212 rally name ─ demanding the prosecution of then-Jakarta governor Basuki “Ahok” Tjahaja Purnama for blasphemy. One month after the protest, on January 6th, 2017 to be exact, some leaders launched the so called 212 Mart with a view of challenging Indomaret and Alfamart.

Basuki Hadimuljono, minister of public works and housing, openly expressed his disappointment to slow progress in the construction of access road to the Patimban port, one of the largest infrastructure projects with estimated investment of Rp30 trillion (slightly above US$2 billion). “I don’t want that (the contractor said God Willing when asked whether construction can be completed in April 2020). I want your commitment,” he said.

It is now confirmed that Hyundai Motor Company will invest US$1.5 billion in the development of car manufacturing facility in Indonesia after President Joko ‘Jokowi’ Widodo visiting the company’s factory in Ulsan, South Korea yesterday afternoon. Hyundai will start with US$700 million of investment next month or January 2020. It is indeed a good news for the economy, despite criticism over the 20-year tax incentives granted to materialize the investment.

Shares of second largest beer producer Delta Djakarta (DLTA) gained 1.49% to Rp6,800 on Monday (Nov 25). At this price, Delta, which is co-owned by San Miguel and Jakarta provincial administration, had market capitalization of Rp5.4 trillion, less than one-sixth of market leader Multi Bintang Indonesia (MLBI).

It is a bit surprise when industry affairs minister Agus Gumiwang Kartasasmita revealed a plan from SK Chemicals (South Korea) to invest in the country’s petrochemical industry. A surprise because the chemical giant sold two of its subsidiaries in Indonesia, PT SK Keris and PT SK Fiber, which produced raw material for polyester/plastics, eight years ago to Indorama Group.

President Joko ‘Jokowi’ Widodo is currently in Busan, South Korea for the so-called Korea-ASEAN Partnership Summit. Jokowi is accompanied by key cabinet members, Luhut Binsar Pandjaitan (coordinating minister for maritime and investment affairs) and Airlangga Hartarto (coordinating minister for the economy). The visit is particularly important for Indonesia in the growing competition for regional influence between China and Japan.