Economic News Roundup: Prabowo to Attend May Day, BKPM to Meet Huayou
Jakarta (ANTARA) - President Prabowo Subianto is scheduled to attend May Day on 1 May 2025, whilst the Investment Coordinating Board (BKPM) is set to hold a meeting with Huayou — these are among the economic news stories from Thursday (24/4/2025) worth revisiting this Friday morning. Here is the full roundup:
1. Prabowo to attend May Day 2025 in Jakarta, highlighting six labour issues
President of the Confederation of Indonesian Trade Unions (KSPI) and Labour Party President Said Iqbal said that International Labour Day or May Day 2025, to be held at Monas Square, Jakarta, on Thursday (1/5), will carry six important labour issues and will be attended by President Prabowo Subianto.
"The issues being brought to the May Day celebration are demands to abolish outsourcing, the establishment of a Termination of Employment Task Force, decent wages, and worker protection through the passage of a new Manpower Bill," Said stated at a virtual press conference in Jakarta on Thursday.
2. Indonesia could boost exports by US$1.7 billion due to tariff war
The Indonesian Chamber of Commerce and Industry (Kadin) said Indonesia has the potential to increase export value by up to US$1.7 billion (Rp28.6 trillion) if it can capitalise on the impact of the tariff war resulting from US policy.
"Broadly speaking, we can see several sectors and product areas with enormous potential. Among them are textile-based footwear and rubber-based footwear, where we see very significant potential," said Kadin Indonesia Deputy Chairman for Membership Widiyanto Saputro in Jakarta on Thursday.
3. Airlangga says technical negotiations on US tariffs to begin in two weeks
Coordinating Minister for Economic Affairs Airlangga Hartarto announced that technical-level negotiations on reciprocal tariffs with the United States will commence in two weeks.
"Both sides have agreed to promptly discuss technical issues in negotiations, with substantive technical discussions planned to begin within the next two weeks," Airlangga said in a statement in Jakarta on Thursday.
4. Sri Mulyani calculates additional FLPP budget for 350,000 units
Finance Minister Sri Mulyani Indrawati will calculate the budget for additional quota under the Housing Finance Liquidity Facility (FLPP) for low-income communities, with the proposed target raised to 350,000 units. To date, the 2025 State Budget has allocated Rp18.7 trillion for 220,000 units.
"There is a desire to increase the target. The latest data we have received shows the figure rising from 220,000 to 350,000 units, so we will recalculate the FLPP implications," Sri Mulyani said at an online Financial System Stability Committee (KSSK) press conference monitored from Jakarta on Thursday.
5. LG pulls out of investment; BKPM to meet Huayou promptly
The Ministry of Investment and Downstreaming/BKPM stated it will promptly hold a meeting with Huayou, a Chinese company, to discuss the electric vehicle battery ecosystem consortium project previously led by LG.
"We are about to meet — God willing, if not this week then next week — we will meet with the Huayou side to discuss and finalise this matter," said Deputy for Investment Promotion at the Ministry of Investment and Downstreaming/BKPM Nurul Ichwan in Jakarta on Thursday.
1. Prabowo to attend May Day 2025 in Jakarta, highlighting six labour issues
President of the Confederation of Indonesian Trade Unions (KSPI) and Labour Party President Said Iqbal said that International Labour Day or May Day 2025, to be held at Monas Square, Jakarta, on Thursday (1/5), will carry six important labour issues and will be attended by President Prabowo Subianto.
"The issues being brought to the May Day celebration are demands to abolish outsourcing, the establishment of a Termination of Employment Task Force, decent wages, and worker protection through the passage of a new Manpower Bill," Said stated at a virtual press conference in Jakarta on Thursday.
2. Indonesia could boost exports by US$1.7 billion due to tariff war
The Indonesian Chamber of Commerce and Industry (Kadin) said Indonesia has the potential to increase export value by up to US$1.7 billion (Rp28.6 trillion) if it can capitalise on the impact of the tariff war resulting from US policy.
"Broadly speaking, we can see several sectors and product areas with enormous potential. Among them are textile-based footwear and rubber-based footwear, where we see very significant potential," said Kadin Indonesia Deputy Chairman for Membership Widiyanto Saputro in Jakarta on Thursday.
3. Airlangga says technical negotiations on US tariffs to begin in two weeks
Coordinating Minister for Economic Affairs Airlangga Hartarto announced that technical-level negotiations on reciprocal tariffs with the United States will commence in two weeks.
"Both sides have agreed to promptly discuss technical issues in negotiations, with substantive technical discussions planned to begin within the next two weeks," Airlangga said in a statement in Jakarta on Thursday.
4. Sri Mulyani calculates additional FLPP budget for 350,000 units
Finance Minister Sri Mulyani Indrawati will calculate the budget for additional quota under the Housing Finance Liquidity Facility (FLPP) for low-income communities, with the proposed target raised to 350,000 units. To date, the 2025 State Budget has allocated Rp18.7 trillion for 220,000 units.
"There is a desire to increase the target. The latest data we have received shows the figure rising from 220,000 to 350,000 units, so we will recalculate the FLPP implications," Sri Mulyani said at an online Financial System Stability Committee (KSSK) press conference monitored from Jakarta on Thursday.
5. LG pulls out of investment; BKPM to meet Huayou promptly
The Ministry of Investment and Downstreaming/BKPM stated it will promptly hold a meeting with Huayou, a Chinese company, to discuss the electric vehicle battery ecosystem consortium project previously led by LG.
"We are about to meet — God willing, if not this week then next week — we will meet with the Huayou side to discuss and finalise this matter," said Deputy for Investment Promotion at the Ministry of Investment and Downstreaming/BKPM Nurul Ichwan in Jakarta on Thursday.