Leaders of foreign chambers of commerce have ensured no letup in their commitment to Indonesia amid the current challenging times marked by a worsening global economic meltdown and general elections at home. While businesses have become tougher nowadays amid the economic downturn, stopping investing and leaving the country is simply not an option, the leaders said Tuesday following a meeting with President Susilo Bambang Yudhoyono at the State Palace.

The Association of Southeast Asian Nations (ASEAN) may soon ink investment pacts with China and South Korea to boost economic integration. The pacts are part of a series of deals under ASEAN’s free trade agreements (FTA) signed with China in 2005, and South Korea in 2006. The pact with China could be signed next month in Thailand during the ASEAN meeting with China, South Korea and Japan, an official from the Jakarta ASEAN Secretariat, Lim Chze Cheen, told The Jakarta Post on Tuesday.

Major parties promised to treat foreign investors equally, although their representatives did not elaborate on whether they would maintain or revise business regulations. These include the list of sectors open to foreign investment and the limit of capital ownership, which is still being revised. With varying emphases, the Golkar Party, the Indonesian Democratic Party of Struggle (PDI-P) and the Democratic Party said they welcomed foreign investment in Indonesia.

Kemang in South Jakarta will be transformed into a modern kampung without high-rise buildings, the head of the city's spatial planning agency announced Tuesday. Wiriyatmoko said Kemang would be developed like Kuta in Bali, where sidewalk cafes, boutiques and homey restaurants lay side by side on a long street.

Around 40 leaders of foreign chambers of commerce and industry have pledged to stay investing, or even expanding their businesses, in Indonesia despite the global economic crisis. The investors said they promised to expand their business and work together to weather the global economic crisis on the government’s promises. “They say Indonesia is one of the world’s best kept secrets … We don’t live here because we have to. We live here because we want to ...

Erwida Maulia and Aditya Suharmoko, THE JAKARTA POST, JAKARTA Indonesia has moved quickly to resolve a string of business problems plaguing its relations with powerhouse China, a step deemed crucial at a time when Indonesia is struggling hard to survive the deepening global economic downturn.

Indonesian President Susilo Bambang Yudhoyono on Tuesday asked foreign investors to support Indonesia's economy to cushion the fallout of the global recession. The president said this in front of president directors and senior executives of foreign-invested companies in Indonesia at the State Palace. "I am pleased to tell you that even though we are still facing great challenges ahead, because the crisis is not over yet, to a certain degree we are able to manage the situation.

The European Union is still an important market for Indonesian non-oil and gas commodities, despite shrinking demand and tougher requirements on quality and standards, an official at the Trade Ministry said.

The local banking and business community has welcomed the $15 billion bilateral currency swap deal signed by Indonesia and China on Monday as a positive signal for business activities across the country. Sigit Pramono, the chairman of the Indonesian Banking Association, said that the agreement was a positive step toward decreasing Indonesia’s dependency on a single currency, the US dollar, and generally reducing currency risk.