Business news from Ukraine

Business news from Ukraine

Indonesian Ambassador to Ukraine: Trade has grown to $785.1 mln, dialogue is deepening

At a diplomatic reception in Kyiv marking the 80th anniversary of Indonesia’s independence, the Ambassador of the Republic of Indonesia to Ukraine, Arif Muhammad Basalama, announced the deepening of bilateral relations and reaffirmed Indonesia’s commitment to the principles of international law, sovereignty, and territorial integrity of Ukraine. He expressed hope for the speedy establishment of peace in Ukraine.

According to the diplomat, 2025 will mark the 33rd anniversary of the establishment of diplomatic relations between the two countries. In the political sphere, key milestones were the visit of President Joko Widodo to Kyiv in 2022 and the meeting between President Volodymyr Zelenskyy and then-President-elect of Indonesia Prabowo Subianto in 2023. In February 2025, Indonesia supported the UN General Assembly resolution on a comprehensive, just, and lasting peace for Ukraine.

The economy is showing upward momentum: in 2024, bilateral trade reached $785.1 million (+43.3% y/y), and over the past five years, the trade surplus has grown by 11.23%. The parties are expanding cooperation in investment and joint production: in 2024, 426 projects of Ukrainian FDI in Indonesia worth $32.5 million were registered. The main commodity flows include palm oil, margarine, coffee, and Ukrainian grain as an important component of global food security.

Cooperation is also developing in the humanitarian and educational spheres. In 2025, it is planned to open an Indonesian Studies Center at the Nezhin State University named after N. V. Gogol and sign a number of documents between universities in Indonesia and Ukraine (including the Kyiv-Mohyla Academy, the National Academy of Culture and Arts Management, Podolsk State University), as well as exchanges in the media and science.

The ambassador recalled the internal priorities of the new administration in Jakarta—the launch of the Free Nutritious Meals program (free nutritious meals for children) and the creation of the Danantara Sovereign Wealth Fund to attract long-term investment in infrastructure, renewable energy, technology, agriculture, and high value-added industries. These initiatives, he said, reflect the commitment to sustainable and inclusive development that Indonesia brings to its international partnerships.

Diplomatic relations between Ukraine and Indonesia were established on June 11, 1992. The Embassy of the Republic of Indonesia in Kyiv has been operating since January 1994.

 

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Indonesia creates $61.3 billion sovereign fund

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.

 

 

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Reception in honor of Independence Day of Indonesia was held in Kyiv

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.

 

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Ceremony in honor of ASEAN Day was held in Botanical Garden in Kyiv

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.

Source: https://interfax.com.ua/news/diplomats/1006177.html

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Half of Ukrainians have not defined their attitude to Indonesia – Experts Club and Active Group

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

 

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Indonesia has elected a new president

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.

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