Indonesia’s parliament has approved a draft law to create the Danantara sovereign fund, the Jakarta Globe reported.
Danantara’s main tasks will be to consolidate the management of state-owned enterprises and deal with their investments and dividends, and the passed law will allow it to raise start-up capital of at least 1 quadrillion Indonesian rupiah ($61.3 billion).
Authorities have signaled that the fund’s portfolio will be based on seven large state-owned enterprises from the banking (Bank Mandiri, Bank BRI, Bank BNI), mining, energy (Pertamina, PLN) and telecommunications (Telkom Indonesia) sectors.
Danantara will manage approximately $600 billion in assets, including from the existing sovereign fund Indonesia Investment Authority (INA). The figure is expected to grow to $982 billion over time, making Danantara the world’s fourth-largest sovereign fund after structures in Norway, the UAE and China.
The finance ministry-controlled INA is expected to be integrated into Danantara, which will report directly to the president. INA was formed in 2020 to manage $10.5 billion in assets and capital, but began operations the following year. Danantara was originally scheduled to launch in November 2024.
On October 17, 2024, a solemn diplomatic reception was held in Kyiv, organized by the Embassy of the Republic of Indonesia in Ukraine on the occasion of the 79th anniversary of the country’s independence. The event was attended by numerous diplomats, government officials and distinguished guests, including Deputy Minister for Foreign Affairs of Ukraine Yevhen Perebyinis.
In his speech, the Ambassador of Indonesia to Ukraine, Mr. Arief Muhammad Basalamah, thanked the Ukrainian partners for their support and expressed his deep conviction in the importance of further development of bilateral relations between the two countries.
“We deeply value our friendship with Ukraine, which has been developing for over three decades. The importance of our diplomatic ties is emphasized by the growth of bilateral trade, which reached 443.2 million US dollars in the first eight months of 2024,” the ambassador said.
He also emphasized the symbolic significance of celebrating Indonesia’s Independence Day in Kyiv, which underscores our common commitment to freedom and peace. According to the Ambassador, the Republic of Indonesia, which unites more than 17 thousand islands, is an example of unity in diversity, which resonates with Ukrainian values.
The Ambassador paid special attention to the achievements of Indonesia under President Joko Widodo, emphasizing infrastructure reforms and economic achievements of the country.
“President Widodo has begun the transformation of Indonesia, in particular through large-scale infrastructure projects, including the construction of new roads, bridges, and airports. These efforts ensure the long-term development of our economy and facilitate its integration into global markets,” he emphasized.
Mr. Basalama also focused on the country’s digital transformation strategy: According to him, Indonesia’s digital economy is developing rapidly, opening up new opportunities for innovation and entrepreneurship. The country is committed to building a knowledge economy that will allow our nation to remain competitive in the global world.
The ambassador also touched upon the issue of the new capital of Indonesia – Ibu Kota Nusantara (IKN), which is being built in the province of East Kalimantan. The IKN project is a response to the challenges of the future. The new capital symbolizes the Indonesian people’s desire for sustainable development and decentralization, and will become a model of a “green city” based on the principles of sustainable development.
In addition to economic and infrastructure projects, the ambassador noted cultural and educational initiatives that deepen ties between the two countries. He emphasized the importance of cooperation in education and culture.
“Our exhibition “Indonesia through the Lens” in Lviv and Ukrainian universities, as well as the signing of a memorandum of cooperation between universities, testify to our common goal of strengthening mutual understanding between our peoples,” Arif Muhammad Basalama emphasized.
Indonesia recognized Ukraine’s independence on December 28, 1991, and diplomatic relations between Ukraine and Indonesia were established on June 11, 1992.
Arif Muhammad Basalama, Embassy of Indonesia, INDONESIA, UKRAINE
A solemn ceremony to mark ASEAN Day, which brought together diplomatic missions of Southeast Asian countries, Ukrainian officials and guests, took place in the Indonesian Park at the Hryshko National Botanical Garden in Kyiv.
“ASEAN started as an organization of five countries and gradually expanded its ranks to include Vietnam, Laos and Cambodia. Today, thanks to our unity, we continue to promote peace and stability in the region. The value of good relations with neighbors has been known since ancient times… Although ASEAN has not yet reached the level of cohesion as the European Union, we believe that our association is the best form of unification to address regional challenges,” said Nguyen Hong Thac, Ambassador of Vietnam to Ukraine.
In his turn, Ambassador of Indonesia to Ukraine Arif Muhammad Basalama noted that ASEAN has made significant progress in promoting economic growth, cultural exchange and political stability over 57 years. “Our unity allows us to overcome challenges and seize opportunities to improve the lives of our peoples. In the spirit of ‘One Vision, One Identity, One Community’, we look forward to deepening our partnership with Ukraine,” the diplomat added.
The Association of Southeast Asian Nations (ASEAN) was founded on August 8, 1967, in Bangkok by the five founding members: Indonesia, Malaysia, the Philippines, Singapore and Thailand. The main goal of the organization is to promote economic growth, cultural exchange, political stability and regional cooperation.
Today, ASEAN has ten member states, including Brunei, Cambodia, Laos, Myanmar, Thailand, and Vietnam. Through cooperation and integration, the organization continues to develop, advocating for peace and stability in the region.
Arif Muhammad Basalama, ASEAN, ASIA, INDONESIA, Nguyen Hong Thac, VIETNAM
Active Group and Experts Club conducted a joint study on the attitudes of Ukrainians towards the countries of East Asia and the Middle East. The research was presented at the Interfax-Ukraine news agency in June 2024. The research was presented by Maksym Urakin and Oleksandr Poznyi. The results of the study are as follows:
The results of the survey are as follows:
Completely positive – 7.9%.
Mostly positive – 34.2
Mostly negative – 5.7
Completely negative – 3.8
Difficult to answer – 48.3%.
Positive – Negative – 32.5
On June 11, 1992, diplomatic relations between Ukraine and Indonesia were established.
The joint research by Active Group and Experts Club on the attitudes of Ukrainians towards the countries of East Asia and the Middle East was conducted in April-May 2024. It covers such countries as Turkey, Iran, Israel, Egypt, Jordan, Saudi Arabia, UAE, Afghanistan, Pakistan, Azerbaijan, Uzbekistan, Turkmenistan, Kyrgyzstan, Tajikistan, Kazakhstan, Georgia, Armenia, India, China, Republic of Korea, DPRK, Japan, Vietnam, Indonesia, Syria, and Iraq. Full information on the research is available on the website of the Club of Experts at
https://expertsclub.eu/cpilne-doslidzhennya-kompaniyi-active-group-ta-experts-club-shhodo-stavlennya-ukrayincziv-do-krayin-shidnoyi-aziyi-ta-blyzkogo-shodu/
Video – https://interfax.com.ua/news/video/993142.html
Indonesia has completed the counting of votes in the presidential election, which resulted in the election of Defense Minister Prabowo Subianto as the new head of state, The Jakarta Post reported on Wednesday, citing data from the election commission.
Subianto has 58.6 percent of the vote – enough for the candidate to be declared the winner of the election without a runoff. His rivals, former Jakarta governor Anis Baswedan, have 24.9% and Ganjar Pranowo has 16.5%.
General elections in Indonesia were held back on February 14. The counting of votes and publication of results in the country takes up to 35 days.
According to the Indonesian constitution, the presidency is limited to two terms.
Earlier the analytical center Experts Club included the elections in Indonesia in the list of the top 10 most significant for the world, more video about it is available at the link – https://youtu.be/73DB0GbJy4M?si=5s1DXFwl0AkoYtfG.
Export sales of Ukrainian wheat are steadily growing. Since the beginning of February, more than 2 million tons have been contracted, which could be a record volume of deliveries for the season. As of March, 1.4 million tons of wheat have already been sold.
This issue was discussed on February 20 during the weekly briefing organized by the analytical center of the First Agricultural Ukrainian Cooperative (FUAC), created within the Ukrainian Agri Council.
“Traders say that Indonesia is very actively involved in purchases of Ukrainian feed wheat. This Asian country has sky-high prices on the domestic market and is interested in importing grain. The demand price from Indonesia is USD260-265/t CIF. It is very profitable to export Ukrainian wheat to Indonesia. The fly in the ointment for these plans is the conflict in the Red Sea, where there is a high risk of shelling of the merchant fleet. This is still a systemic problem that negatively affects trade in the Black and Mediterranean Seas. The risk is holding back Ukrainian traders from fixing their positions in this direction. The market expects that in the second half of March, the passage of ships through the Red Sea may stop completely. A logistical solution would be to detour ships by sea through Africa, but this will raise the cost of freight by USD10-12 per ton,” was mentioned by the FUAC.
Ukrainian wheat continues to be the cheapest on most markets.
“Last week, Ukraine sold wheat with a protein content of 12.5% to Egypt at USD224 per ton for delivery to Egypt. For comparison, Russian wheat cost USD245 on an FOB basis. Ukrainian wheat is very cheap compared to other grains in the EU, Egypt and Turkey. The trade tries to keep prices low so that it makes sense to trade on many bases. Price gaps are large, which keeps the CPT market at low levels. Nevertheless, there are more and more sellers of wheat on FOB basis, many farmers are willing to sell for USD195 per ton at the Danube ports. At the same time, on CPT terms, wheat costs USD175-188 per ton, and by the end of the week, the price tags may lose another USD2 per ton,” added the analytical department of the FUAC.
