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As Michael Bublé sings so well:
Have a Holly Jolly Xmas… It’s the best time of the year…
The holiday season is here—a time to relax, reflect, and recharge.
We warmly wish you the happiest of holidays. Enjoy every moment!
This is also a great time to look back on the past year.
Let’s take a moment to reflect on Indonesia and our activities at Cintasia in 2024.
Cintasia’s Selected Activities
We worked in the medical equipment industry. We conducted an in-depth market survey in Indonesia for a major Asian multinational company in the cardiology sector. The valuable insights and market data we provided helped them decide on investing in Indonesia.
We performed a broad market analysis across ASEAN for a French SME specializing in industrial measurement devices. This project also included a partner search in Indonesia and covered several industries like mining and agribusiness.
Throughout the year, we participated in numerous business events in Jakarta, especially those focused on mining and manufacturing.
Beyond Business
We took on two challenging trail races! In August, we braved the Bali sun during a 12-hour and 28-km race on Mount Batur.
Then, in December, we faced the rain in a 10-hour and 32-km race on Mount Lawu in central Java.
Those experiences underscore the importance of resilience, adaptability, and relentless pursuit of goals—values that are at the heart of our company Cintasia.
Technology in Indonesia
Key Milestones:
– May 2024: SpaceX’s Starlink began operations, providing high-speed internet to remote areas and significantly improving access to education and health services.
– Microsoft’s Investment: A $1.7 billion investment focused on cloud and AI infrastructure, including training programs for 840,000 individuals to develop AI skills.
– August 2024: Indonesia’s QRIS system enabled cross-border cashless payments with Thailand, Singapore, and Malaysia, boosting trade and tourism.
– September 2024: Indonesia established a Cyber Force to enhance national cybersecurity and protect critical infrastructure.
Rapid Advancements:
– E-commerce remained dominant, reaching an estimated gross merchandise value of $65 billion in 2024, driven by platforms like Shopee and Tokopedia.
– The rollout of 5G technology continued, with coverage expected to reach 80% by 2030, enabling IoT and smart city innovations.
– Indonesia saw rapid expansion in data centers, driven by growing demand for digital services and AI applications.
– Blockchain technology is projected to contribute significantly to Indonesia’s evolving digital economy, part of a global GDP boost of $1.76 trillion over the next decade.
Indonesian Economy
Highlights of 2024:
– GDP Growth: Indonesia’s economy grew by 5%, making it one of the top performers globally.
– Inflation: Settled at 2.5% – 3%, down from ~5% in 2023, reflecting effective monetary policies.
– Investments: The government invested $100 billion, with 50% coming from foreign direct investments (FDI). The mining sector was the top beneficiary, attracting investors from Singapore, China, the USA, and Japan.
– Trade Surplus: Indonesia achieved a $30 billion trade surplus.
Indonesian Politics
Key Events:
– February 14, 2024: Indonesia held its presidential election. Prabowo Subianto was elected as the new president with 58% of the vote, alongside Vice President Gibran Rakabuming Raka, the son of outgoing President Joko Widodo. Prabowo’s leadership promises continuity, carrying forward many of Widodo’s ambitious policies.
– Youth Engagement: Over 56% of the 204 million registered voters were Millennials and Gen Zs, reflecting the aspirations of Indonesia’s younger generations.
– November 27, 2024: Regional elections were held to elect governors and mayors across the nation, reinforcing democratic engagement at the local level.
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Enjoy the Holidays!
Stay safe and healthy as you celebrate.
Follow us on LinkedIn and click the bell to stay updated on business, technology, and economic trends in Indonesia.
PS: Stay tuned for our upcoming post next week—a snapshot of what to expect in 2025!