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Kapital News Highlight - Sept 28

Monday, October 1, 2018

•    Indonesia is set to host the first World Conference on Creative Economy which will be held at Nusa Dua, Bali on 6-8 November 2018. There will be around 1.000 participants from 50 countries. This event will serve as a forum for government representatives and industry players to exchange ideas establish common ground and resolve challenges in the industry, and expected to conclude with a set of recommendations on the creative economy which will be presented in New York next year. The Deputy Foreign Minister A. M. Fachir said that the conference was part of Indonesia's effort to increase the capacity as a country, to further strengthen creativity and competitiveness, and to achieve prosperity for the people. Over the past few years, Indonesia's creative economy has been on the rise, contributed more than Rp992 trillion (or about US$61,7 billion), or around 7,4 percent of the country's economy in 2016. (Jakarta Post)

•    According to the Head of Sharia Finance and Economic Department Anwar Bashori, the central bank of Indonesia (Bank Indonesia) will be proposing a halal value chain model consisting of Islamic boarding schools and small- and medium-sized enterprises (SMEs) to boost the country's Islamic finance and Islamic economy industries. Currently, there are around 290,000 Islamic boarding schools across Indonesia. Bank Indonesia (BI) will screen them before choosing the ones that have independent business activities. BI is currently extending enterpreneurship assistance to at least 135 Islamic boarding schools, for example in Al Ittifaq Islamic Boarding School in Bandung, West Java. Indonesia's halal industries of F&B, fashion and tourism were estimated to have reached US$250 billion at the end of 2016. Last year's data show that the number grew 2-3% from 2016. The regulator expects its halal supply chain programs to boost the industry's growth to 6-6,5 percent a year. (Salaam Gateway)

•    The Minister of Tourism Arief Yahya highlighted the importance of better accessibility to tourist destinations and the A-factors in tourism, namely attractions and amenities. Arief said that accessibility is one of the top traveling criteria for tourists as most travelers prefer direct flights to go to their travel destinations. Unfortunately, many beautiful tourist destinations in Indonesia were difficult to access. Arief said that if Indonesian wanted to become world-class destination, Indonesia must have international airports at essential locations. This year, Indonesia aims to welcome 17 million foreign tourists and targets 20 million tourists to come to Indonesia in 2019. (The Jakarta Post)

•    On Thursday (27/9), Bank Indonesia (BI) followed the United States Federal Reserve's move to raise its policy rate by 25 bps to 5,75 percent as an effort to manage the current account deficit and to maintain the competitiveness of the domestic financial market. Lending facility and deposit facility rates were also increased by 25 bps to 6,5 percent and 5 percent, respectively. The governor of Bank Indonesia Perry Warjiyo said that the decision was consistent with efforts to lower the current account deficit to a safe level and to maintain the attractiveness of the domestic financial market. Perry added that BI maintained its hawkish stance and would continue to monitor prospects in the global and domestic economies to strengthen its policy response to maintain the stability of financial systems. (Jakarta Post)

•    The government of Indonesia has offered business projects worth US$2,5 billion on Belitung Island to Singaporean investors as an effort to develop tourism in the region. The Belitung district government offered several investment projects, including the expansion of HAS Hanandjoeddin International Airport and the development of special economic zones in Tanjung Kelayang and Tanjung Batu. Not only tourism industry, the delegations were also looking for opportunities involving the island's flagship commodities, such as pepper, spices and fishing products. The visit from delegations this week has already resulted in a US$2,5 million pepper export deal between local entity MTN Bersatu Sukses and Singaporean investors. The visit was as a follow up to the Indonesian Investment Day event whoch was held last month. (Jakarta Globe)

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