July 16, 2007––Ten years after the Asian economic crisis, things have dramatically changed in Indonesia. A comprehensive public expenditure review, jointly prepared by the World Bank and the Government of Indonesia with grant support from the Netherlands Government, says the drastic reduction in fuel subsidies, sharply declining debt service payments, and an impressive increase in revenues have left the country with a massive $15 billion windfall to spend on development.

More overseas firms are showing interest in developing the bioenergy sector here, with a British oil giant and a Swedish energy firm being the latest to join the list, bringing investment commitments in the sector to Rp 160 trillion (US$17.7 billion).

Realizing the need for emissions cuts to help stop the phenomena of climate change and global warming, Siemens AG, a top global producer of electronics, machinery and appliances, is asking Indonesia to cooperate in developing environmentally friendly technology. Hans-Peter Haesslein, CEO of PT Siemens Indonesia, said last week that Siemens has long been taking steps, both in Indonesia and worldwide, to actively develop efficient and environmentally friendly products.

The office property sector in Jakarta is set for high growth as a number of new towers come on stream by the end of 2009, a property consultant says. "Twenty-seven new office buildings, providing some one million square meters of space, are under construction this year, and are expected to be completed by 2009," Anton Sitorus, head of research for property consulting firm Jones Lang LaSalle, said Monday.

Jakarta (ANTARA News) - The Biofuel (BBN) development national team launched an expedition of 18 cars running on biofuel from Manado in North Sulawesi, to Jakarta. Energy and Mineral Resources Minister Purnomo Yusgiantoro saw off the expedition here on Monday in the presence of the Agency for Assessment and Application of Technology (BPPT) chairman Said D Jenie and BBN chairperson Al Hilal Hamdi. All the 18 cars will be transported to Manado by ship.

JAKARTA - Indonesia is now formally on the vanguard of the global green energy movement. A new energy law approved last week aims to reduce significantly the economy's dependence on imported refined oil while boosting the use of other energy sources, including natural gas, biofuels and geothermal supplies. The law mandates the establishment of a National Energy Board, chaired by the president, which will carve out policies and oversee development in the energy sector.