2019
Reaffirmed
Re-elected president with the highest approval rating, Jokowi pledged to elevate the economy to advanced status by 2045
Indonesia's GDP in the last 10 years
*Q2 2024
SOURCE: STATISTICS BUREAU GRAPHIC: JOANNA LUM, BT
“We have to be optimistic towards the future! We have to be confident and brave in facing the challenge of global competition. We have to believe that we can be one of the strongest countries in the world.”
– Jokowi, in his first speech as the re-elected president in 2019
EV goals
Laid building blocks for Indonesia's electric vehicle (EV) industry by leveraging rich nickel reserves, creating a legal framework and offering tax incentives to court investments. The government sets ambitious targets for EV adoption, aiming for 20% of all vehicles produced in the country to be electric by 2025. These efforts have significantly boosted EV production and sales
Jokowi has been actively seeking foreign investment, including encouraging Vietnam's VinFast to invest in Indonesia's EV ecosystem. PHOTO: VINFAST
The big move
Announced plans to relocate the capital city from Jakarta to Nusantara in Kalimantan
The entire construction of Nusantara is expected to be completed in five stages, with the final stage slated for completion by 2045. GRAPHIC: TEOH YI CHIE, BT
2020
Nickel strategy
Banned nickel ore exports effective Jan 1, 2020, to attract investors and manufacturers and to promote the domestic nickel processing industry
Nickel production
Data compiled Jan 30, 2024
SOURCE: S&P GLOBAL RATINGS GRAPHIC: BTVISUAL
“Indonesia aspires to become a developed country. We aim to create employment opportunities. We will not back down. We must keep moving forward and not stop.”
– Jokowi after the nickel ban policy was challenged at the World Trade Organization
Job creation
Implemented Job Creation Law, also known as the Omnibus Law, to streamline regulations, attract investment and stimulate economic growth through comprehensive legislative reform
2021
Fiscal wiggle room
In response to the pandemic, the government allowed the budget deficit to exceed 3% of the GDP limit, enabling more spending to support the economy and public health measures
SWF
Established the Indonesia Investment Authority to attract foreign investment and finance infrastructure projects
2022
Clean energy drive
Issued regulations to reduce dependence on fossil fuels to meet clean-energy targets
Indonesia has one of the largest coal power fleets in South-east Asia, with 45.3 GW of operational capacity. PHOTO: AFP
2023
Driving EV adoption
Announced value-added tax exemptions for electric cars and motorbikes. Reduced import duty and luxury tax to zero for imported battery-based EVs with under 40% local content. While the electric car segment shows promise, the motorcycle conversion programme has underperformed
The Indonesian government aims to have two million four-wheeled EVs and 13 million two-wheeled EVs on its roads by 2030. PHOTO: BT FILE
Golden Visa
Introduced to attract foreign investment, boost economic growth and enhance global competitiveness
2024
Capital appreciation
Allowed foreign investors to use land for up to 95 years in the new capital, Nusantara
Nusantara will be built on more than 250,000 hectares of forest, which is about three times the size of Jakarta. PHOTO: EPA
BTVISUAL: JOANNA LUM
'Mudik' (return to hometown)
Jokowi's two terms at the country's helm set to end on Oct 20. "I will return to being an ordinary citizen and go back to Solo," he had said earlier in the year. (Solo is the traditional name for Surakarta, Central Java, where he served as a two-term mayor between 2005 and 2012)