Indonesia missed its target to welcome 20 million foreign tourists last year. Still, the country managed to double the visits in five years time (from around 8 million in 2014). Indonesia can double the visits to over 30 million in the next five years with proper and faster development of public infrastructure.

High-ranking government officers, including cabinet members, have been given Toyota Crown 25 HV G-Executive, PHEV model from Toyota, which has long dominated the automotive market. Some question why the government didn’t use full battery electric vehicle (BEV) if President Joko ‘Jokowi’ Widodo is indeed committed to the development of EV market.

One pharmaceutical company has completed acquisition of one of the oldest herbal player in the country. Another investor, meanwhile, acquires shares in a company engaged in skin care clinics.

Indonesia recorded trade deficit of US$3.2 billion last year, dropped by 63% from 2018, mainly because of lower deficit in oil and gas, and 54% growth in non oil and gas surplus. Not bad. Import of oil and gas fell 26.7%, attributable to lower average prices and volume. Deficit in refined products fell 33% to US$11.74 billion, thanks to substantial decline in import volume.

Some of Indonesian startups are set to take in more money from global investors as more private equity firms have raised funds in recent months. But, out of thousands of startups, how many would survive and becoming new unicorns, time will tell.

Nearing the end of 2019, Minister of State Owned Enterprises (BUMN) Erick Thohir made Zulkifli Zaini the CEO of PT PLN. The former CEO of Bank Mandiri was entrusted with huge responsibilities, one of which is the continuation of the 35,000 MW electrification project. The herculean undertaking began in 2014, but to this day only 14 percent (5,071 MW) of the goal has been reached according to the Committee for the Acceleration of Priority Infrastructure Development (KPPIP).

Growing domestic steel industry contributed to 28% growth in export value of iron and steel (HS 72) to US$6.77 billion in the first 11 months of 2019. Import, meanwhile, increased only by 5% to US$9.56 billion. That means, deficit in HS 72 dropped to US$2.79 billion from US$3.84 billion. Deficit in iron and steel will decline further in the coming years with commercial operation of metal processing facilities.

With the exception of strange downfall of service revenues at PT Sarana Meditama Metropolitan (SAME) Tbk, operator of Omni Hospitals, four operators listed on Indonesia Stock Exchange (IDX) reported strong growth in the first nine months of 2019. Mayapada Hospitals led with 34.1% growth, followed by Siloam (18.6%), Hermina (17.5%), and Mitra Keluarga (17.2%).