JAKARTA (TheInsiderStories) – Good morning! Indonesia will address the importance of the palm oil as the commodity supply is under threat. As one of the world’ biggest palm oil producer, the country will hold a meeting with World Bank, World Economic Forum, and International Chambers of Commerce.
Those international institutions are expected to help Indonesia in explaining palm oil importance to European Union (EU). Indonesia has time at least on March 8 to give its response to the EU.
The organization has released Delegated Act, removing palm oil from the renewable energy from Feb. 1. EU committed in implementing 32 percent renewable energy minimum in 2030, as stated in Renewable Energy Directive (RED) II. Moreover, EU will ban palm oil usage in that period of time.
Coordinating Ministry for Economy projected Rp140 trillion (US$9.97 billion) people’ business loan distribution this year. The figure increased by around 16 percent from the previous year.
Indonesia will start distributing the loan especially for rice crops farmers, and broaden further. For the food sector, agriculture and livestock that will be disbursed is estimated at Rp28 trillion for 1.2 million farmers and breeders.
It is higher than Rp25.3 trillion for 1.1 million farmers and breeders last year. After being reformed in August 2015 to January 2019, government has disbursed the people’ business loan at Rp342.1 trillion for 14.2 million small business debtors overall.
From overseas, United States President Donald Trump and North Korea Leader Kim Jong Un seen optimistic in their second face-to-face meeting in Hanoi, Vietnam. Kim said that he and Trump exchanged very interesting dialogue for about 30 minutes. His also certain that the great outcome will be made. Thus, he stated that he will do his best to make it happen.
Trump also admitted that he had a great meetings and dinner with Kim. He called the meeting as a very good dialogue, as they are on their way to reach North Korea denuclearization.
He tweeted: “All false reporting (guessing) on my intentions with respect to North Korea. Kim Jong Un and I will try very hard to work something out on Denuclearization & then making North Korea an Economic Powerhouse. I believe that China, Russia, Japan & South Korea will be very helpful!”
Moreover, the Southeast Asian’ Regional Comprehensive Economic Partnership (RCEP), including Thailand, Indonesia, the Philippines and Australia, are unlikely affected by the General elections scheduled this year in several dialogue partners.
RCEP trade ministers are scheduled to convene in Cambodia on Saturday to set working plans and goals to conclude the talks this year. The members aim to hold eight meetings this year discuss on trade negotiating committee and four ministerial meetings.
RCEP was launched in November 2012 with the aim of establishing deeper economic cooperation among the 10 ASEAN members and six dialogue partners (China, Japan, South Korea, Australia, India and New Zealand).
Yesterday, Rupiah against US Dollar turned depreciating, hit by oil price hike sentiment as there are several tensions over geopolitics, such as India-Pakistan conflict and Venezuela crisis. Bank Indonesia’ Domestic Non-Deliverable Forward auction for $1.28 billion didn’t impact much to currency.
While, the Jakarta Composite Index also fell 0.23 percent to 6,525.68, although there was Rp261.02 billion foreign net buys.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information About Indonesia