October 20, 2015 edition
In his October 2014 inaugural speech, President Joko Widodo said, "In order to build Indonesia into a great nation, prosperous and peaceful, we need the spirit and courage to face the waves." His words were intended to jumpstart a shift in the country's political and economic agenda. The follow-through on that vision has focused on building ports and developing Indonesia's fishing industries. But what of the wealth of vegetation from the sea?
Seaweed, once dehydrated and pulverized, appears in many forms in modern life: in facial cream, as meat tenderizer, in the laboratory as agar-growing media, in medical capsules, in paper, in plywood and even as lubricant on oil drilling platforms. Furthermore, the entry price to this seaweed bonanza is not high. With just a pile of seaweed cuttings, some recycled plastic bottles and a fishing line, anyone along Indonesia's nearly 55,000-kilometer-long coastline can enter the business.
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More Economy articles in other editions
October 13, 2015 edition
MULADNO Bashar hurriedly summoned his staff to discuss a new plan: He needed to travel to India, he told them, to find new cattle suppliers.
The sense of urgency came from having watched President Joko Widodo complain, live on TV, about the soaring price of beef. "The president seemed upset. How was it that cattle imports had been reduced and now the price of beef was rising? Wouldn't it be possible to source beef elsewhere and get lower prices?" Muladno told Tempo when contacted last Thursday.
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October 6, 2015 edition
Tamim is not sure how he is going to make it. The farmer from Bulak Lor village in the Indramayu Regency, West Java is desperately low on cash after his harvest failed.
This year's dry season has been especially severe. In Tamim's case, with his rice plants less than a month old, the water table in the river unexpectedly dropped, leaving farmers short of water. "I have run out of money, and can never recover from that. Now, it's hard to scrape enough money to buy food. Who knows what'll happen the next planting season?" said the 42-year-old last Tuesday.
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September 29, 2015 edition
Global financial markets have a tendency to adopt one main issue as a guidepost. Two weeks ago, people were worried whether the US Federal Reserve will raise interest rates. Now, the topic has shifted across the ocean to the Chinese economy.
Before the market's guidepost changed, the delay of the Fed's interest hike actually troubled Indonesia. The Fed, however, is still signaling that US interest rates could rise in the near future. So, in the end, leaving the decision hanging only perpetuates speculation and uncertainty. Both the government and Bank Indonesia are obviously facing more difficulty in setting the appropriate direction for macroeconomic or monetary policy, as they have to speculate on what the impact of the Fed's decision would be like.
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September 22, 2015 edition
Pertamina's proposal was the main item on the agenda at a recent limited Cabinet meeting held at the Presidential Palace. In the meeting, Pertamina CEO Dwi Soetjipto submitted plans by the state-owned oil and gas enterprise to build a terminal for the storage and piping of oil. With the facility, the company hoped to increase current fuel reserves from an average of 19 to 30 days.
There was not much disagreement on the subject at the meeting, which was chaired by President Joko Widodo. However, two days later, Coordinating Minister for Maritime Affairs and Resources Rizal Ramli came out strongly gainst the plan. He even claimed that there were people who were conspiring to manipulate the proposal for their own benefit. "I will take down anyone engaged in KKN (corruption, collusion, nepotism) practices. This must be a proposal from those who want to play 'project games'," Rizal said during a speech at the National Coordination Meeting of the Ministry for Maritime Affairs and Fisheries at the Grand Sahid Hotel.
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September 15, 2015 edition
The meeting in the office of the Coordinating Minister for the Economy Darmin Nasution was heated right from the start. A team from the Boston Consulting Group (BCG) was to reveal the result of their week-long study of two proposals, one from China and one from Japan, for a high-speed rail connecting Jakarta and Bandung.
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September 8, 2015 edition