G20 Showcasing Indonesia’s Growing Influence

BNN Bloomberg are reporting on the build-up to next week’s G20 Summit in Bali with an article on how Indonesia intends to use this global platform to power through deals ranging from infrastructure to carbon trading that spotlights Indonesia’s ambitions as a Southeast Asian economic powerhouse.

Much is at stake for Indonesian President Joko Widodo, say Bloomberg, who is targeting USD 89-billion in investments next year while pushing ahead with a USD 34-billion new capital in Borneo (Kalimantan.) All these plans need funding and support from wealthier, developed nations.

“This message is mostly for the domestic audience to show that the G20 forum running this whole time did result in some concrete projects,” said Yose Rizal Damuri, Executive Director at the Center for Strategic and International Studies.

It’s also a way for Jokowi, as the president is popularly known, to leave behind a legacy of growth and investment, he added. Jokowi is currently in his second and final term in power.

Indonesia has long been criticized by analysts for not punching above its own weight for economic and diplomatic influence given its domestic pressures and political elites, say Bloomberg, while clinching the G20 presidency has been a way for Jokowi’s administration to showcase the country’s potential and his officials are not going to let that opportunity pass.

Here’s a list of deals that Indonesia is looking to announce:

Coal Phaseout 

Indonesia aims to clinch a deal during the summit with rich countries to fund programs to phase out coal.

Jokowi has pledged to shut all of the archipelago’s coal-fired power plants by 2050 and be 100-percent dependent on renewable sources five years later. However, his cabinet has been divided on how to phase out coal, which contributes over half of the country’s total power capacity.

The Asian Development Bank (ADB) is studying similar plans for Vietnam and the Philippines, hoping to announce a concrete result during the summit.

Digital Money

Indonesia’s central bank along with Malaysia, Thailand, Singapore and Philippines aim to sign a deal this month to link their payment systems that will allow some 384-million people to pay for goods and services through QR code scanning. The system would allow for local currency settlements, bypassing the need for the US dollar as an intermediary.

Just 51.8-percent of Indonesians have access to a financial account, one of the lowest among Southeast Asia’s major economies, according to World Bank data. This made financial inclusion a main focus for Indonesia during its G20 Presidency.

Bank Indonesia (BI) also plans to release the conceptual design of a digital rupiah by the end of this year, said Governor Perry Warjiyo. The central bank has been studying the digital rupiah since last year to get ahead of the global adoption of cryptocurrency as a payment method.


Jokowi has invited President Xi Jinping to witness the trial run of an USD 8-billion Chinese-backed high-speed railway via Zoom videoconferencing from Bali on November 16, according to Coordinating Maritime Affairs and Investment Minister Luhut Panjaitan.

The train, which connects Jakarta to nearby cities, is backed by the Chinese Development Bank Corp. and China Railway International Co. Ltd.

Indonesia also plans to sign deals with foreign investors for the IDR 188-trillion (approx. USD 12-billion) expansion of the Jakarta MRT train system, a project that Jokowi has claimed as his legacy when he was governor. Funding would come from Japan, South Korea and the UK, according to Transport Minister Budi Karya Sumadi.

Carbon Trading

Finance Ministry special staff Masyita Crystallin said the government would release a road map for carbon market, carbon tax and energy transition before the G-20 summit. This would be a prerequisite to issuing a long-awaited regulation on carbon tax and trading meant to help Southeast Asia’s largest economy attain net zero emissions by 2060.

According to Bloomberg, Crystallin said the road map would outline the potential demand for such a market. The government already assigned the Indonesia Stock Exchange to set up a carbon exchange, which is expected to commence operations in 2025.

Source: BNN Bloomberg

Latest Article
More Than 1 Million Tourist Visits in April
According to reporting from Antara News, Indonesia’s Ministry of Tourism and Creative Economy announced...
The Plan for Flying Taxis in Nusantara
Indonesia’s future capital city, Ibu Kota Nusantara (IKN), is progressing towards becoming a smart and...
Govt Allocates More Subsidies for Electric Motorcycles
According to reporting from Antara News, Dadan Kusdian, Indonesia’s Secretary General of the Ministry...
Netherlands Consider Easier Visas for Indonesians
Citing Antara News, Tempo is reporting that Indonesia and the Netherlands discussed strengthening consular...
Ministry to Implement KRIS at 3,060 Hospitals by 2025
Indonesia’s Health Ministry is targeting to get more than 3,000 national hospitals to implement...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.