Gita Wirjawan News
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President Susilo Bambang Yudhoyono is poised to swear in a new finance chief as early as tomorrow while his government prepares to set higher subsidized-fuel prices, moving to end policy ambiguity that has hurt investor confidence and the currency.
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Indonesia’s streamlined permit process may entice China to help the government double foreign participation in infrastructure projects by 2014, said Gita Wirjawan, head of the country’s investment coordinating board.
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Yum! Brands Inc., owner of the KFC and Pizza Hut dining chains, and other fast-food companies may be forced to slow store growth in Indonesia, the world’s fourth- most populous nation, because of government rules to protect small businesses.
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Indonesia will limit restaurant franchise holders to operating 250 outlets in the country, with certain exceptions, in a bid to protect small- and medium-size businesses, Trade Minister Gita Wirjawan said.
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Indonesia plans to switch to a single time zone on Oct. 28, allowing Southeast Asia’s biggest economy to match clocks in Singapore, Malaysia and China with the aim of boosting economic development and synchronizing markets, the nation’s trade ministry said.
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Unilever plans to invest about $600 million to expand its factory in Indonesia and another 1.1 trillion rupiah to build a new plant in North Sumatra province, Gita Wirjawan, head of the country’s investment coordinating board, said.
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Indonesia, the world’s largest palm oil producer, is considering reducing export taxes to boost competition with Malaysia, which set its tariff for the crude variety at zero this month to help clear record stockpiles.
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Indonesian President Susilo Bambang Yudhoyono is under growing pressure to raise fuel prices and curb oil imports as currency risks persist and the window to act narrows ahead of elections in 2014.
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Indonesia may sustain its economic growth, Trade Minister Gita Wirjawan said, as “fiscal prudence” helps improve the business climate and counter the impact on exports of the European debt crisis.
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President Susilo Bambang Yudhoyono’s surprise choice of Agus Martowardojo to run Indonesia’s central bank is gathering support among some members of the parliamentary committee that will decide on the appointment.
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