Economic Roundup: Prabowo to Attend May Day, BKPM to Meet Huayou Shortly
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 — among the key economic stories from Thursday (24/4/2025) worth revisiting this Friday morning.
Here is a summary of the full reports:
**1. Prabowo to attend May Day 2025 in Jakarta, highlighting six labour issues**
President of the Confederation of Indonesian Trade Unions (KSPI) and President of the Labour Party, Said Iqbal, stated that International Labour Day or May Day 2025, to be held at Monas Square in Jakarta on Thursday (1/5), will raise 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 Redundancy Task Force (Satgas PHK), decent wages, and worker protection through the ratification of a new Manpower Bill," Said stated during a virtual press conference in Jakarta on Thursday.
**2. Indonesia could increase 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 parties 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 Housing Financing Liquidity Facility (FLPP) quotas for low-income communities (MBR), 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 figures we have received show an increase from 220,000 to 350,000 units, so the FLPP consequences will need to be recalculated," Sri Mulyani said during an online press conference of the Financial System Stability Committee (KSSK), monitored from Jakarta on Thursday.
**5. LG pulls out of investment; BKPM to meet Huayou shortly**
The Ministry of Investment and Downstream Industries/BKPM stated it would promptly hold a meeting with Huayou, a Chinese company, to discuss the electric vehicle (EV) 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 Huayou to discuss and finalise this matter," said Deputy for Investment Promotion at the Ministry of Investment and Downstream Industries/BKPM, Nurul Ichwan, in Jakarta on Thursday.
Here is a summary of the full reports:
**1. Prabowo to attend May Day 2025 in Jakarta, highlighting six labour issues**
President of the Confederation of Indonesian Trade Unions (KSPI) and President of the Labour Party, Said Iqbal, stated that International Labour Day or May Day 2025, to be held at Monas Square in Jakarta on Thursday (1/5), will raise 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 Redundancy Task Force (Satgas PHK), decent wages, and worker protection through the ratification of a new Manpower Bill," Said stated during a virtual press conference in Jakarta on Thursday.
**2. Indonesia could increase 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 parties 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 Housing Financing Liquidity Facility (FLPP) quotas for low-income communities (MBR), 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 figures we have received show an increase from 220,000 to 350,000 units, so the FLPP consequences will need to be recalculated," Sri Mulyani said during an online press conference of the Financial System Stability Committee (KSSK), monitored from Jakarta on Thursday.
**5. LG pulls out of investment; BKPM to meet Huayou shortly**
The Ministry of Investment and Downstream Industries/BKPM stated it would promptly hold a meeting with Huayou, a Chinese company, to discuss the electric vehicle (EV) 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 Huayou to discuss and finalise this matter," said Deputy for Investment Promotion at the Ministry of Investment and Downstream Industries/BKPM, Nurul Ichwan, in Jakarta on Thursday.