News - JCI Opens in the Red; Market Reacts to BI Governor's Resignation

JCI Opens in the Red; Market Reacts to BI Governor's Resignation

Jul, 27 2026

JAKARTA, KOMPAS.com – The Jakarta Composite Index (IHSG) opened lower during Monday's trading session (July 27, 2026).

According to Indonesia Stock Exchange (IDX) data at 9:00 AM WIB, the IHSG stood at 6,180.33, down 16.08 points or 0.26 percent compared to the previous closing level of 6,196.43.

In early trading, the index fluctuated between 6,172.84 and 6,188.03, reflecting persistent selling pressure dominating the market.

Early session trading activity recorded a transaction value of approximately Rp 336.7 billion, with a volume of 557.2 million shares traded across 68,480 transactions.

A total of 189 stocks gained, 239 stocks declined, and 537 stocks remained stagnant.

Market Eyes Bank Indonesia Governor's Resignation
Today's movement in the IHSG takes place amid market sentiment following the resignation of Bank Indonesia (BI) Governor Perry Warjiyo.

The government confirmed receiving Perry's resignation letter submitted to the President on Sunday (July 26, 2026). However, the government has yet to reveal the reasons behind the decision.

"As of yesterday, we officially received the letter of resignation from the Governor of Bank Indonesia addressed to the President," said Minister of the State Secretariat, Prasetyo Hadi, on Monday (July 27, 2026).

Prasetyo stated that the government will process administrative procedures in accordance with the Bank Indonesia Law by issuing a Presidential Decree regarding Perry's honorable discharge.

Following Perry's resignation, the position of Bank Indonesia Governor will temporarily be assumed by Senior Deputy Governor Destry Damayanti.

The appointment takes effect automatically under the provisions of the Bank Indonesia Law. Destry will subsequently fulfill all duties of the BI Governor in an acting capacity.

"The position of Governor of Bank Indonesia will automatically be held by the Senior Deputy Governor, who will then perform all duties as acting governor," Prasetyo said.

"For the record, the Senior Deputy Governor referred to is Ms. Destry Damayanti," he added.

The government also assured that policy coordination between Bank Indonesia and the Ministry of Finance remains intact.

Bank Indonesia will continue its duty of maintaining monetary stability, while the government, through the Ministry of Finance, maintains fiscal policy execution.

"BI plays a crucial role in safeguarding our monetary stability, while the government, in this case, the Ministry of Finance continues its function of maintaining fiscal policy, naturally remaining in close coordination," Prasetyo stated.

[Source]

Real Evidence of Nickel Downstreaming, Indonesia is Ready for Mass Production of Electric Vehicle Batteries in April 2024

Jakarta, March 9 2024 – As clear proof that downstream nickel is not just a discourse, the Ministry of Investment/Investment Coordinating Board (BKPM) ensures that Indonesia is ready to record new history in the automotive industry with the start of mass production of the first electric vehicle batteries in this country. PT Hyundai LG Indonesia (HLI) Green Power, based in Karawang, West Java, will start commercial production of electric vehicle batteries in April 2024. This momentum not only marks Indonesia as the first electric vehicle battery cell producer in Southeast Asia, but also confirms The Indonesian Government's commitment to support the electric vehicle battery ecosystem development project (grand package) worth USD9.8 billion or IDR 142 trillion. During her visit to PT HLI Green Power on February 21 2024, Special Staff of the Ministry of Investment/Investment Coordinating Board (BKPM) Tina Talisa emphasized that under the leadership of President Joko Widodo, the government wants to focus on developing downstreaming. Therefore, the government paid special attention after the groundbreaking was carried out in September 2021. “Downstreaming is a way to create added value from Indonesia's abundant natural resources, one of which is nickel. So, we then make this nickel process integrated from upstream to downstream, that's why there is the world's first integrated electric vehicle battery investment with a grand package of USD 9.8 billion. "So it is integrated from the upstream of the mine, then to the smelter, then refining, processing, precursor, cathode, then into battery cells," said Tina. Tina also added that the production of electric vehicle battery cells will make Indonesia the first country to produce electric vehicle battery cells in Southeast Asia to use the latest technology from LG. The implication is that the young Indonesian workers absorbed in this project will also become the first electric vehicle engineers in Southeast Asia. Tina also expressed her hope that downstreaming would be able to create a workforce that is properly absorbed in the sense of having high skills so that the income is higher and able to bring Indonesia out of the middle income trap. President Director of PT HLI Green Power Hong Woo Pyoung stated HLI's readiness to carry out mass production. Apart from that, Hong also revealed that the electric vehicle battery industry in Indonesia will be able to produce pioneering young engineers who have the ability to manufacture electric car battery cells. "We have been preparing everything since September 2023. We are ready to carry out mass production in April 2024. We have also trained engineers from Indonesia for a year and we will continue to provide training. They are very smart, diligent and competent. "We are very proud of the engineers from Indonesia," said Hong Woo Pyoung. PT HLI Green Power is a joint venture company between Hyundai Motor Company, LG Energy Solution, and PT Indonesia Battery Corporation (IBC). PT HLI Green Power's investment is a follow-up to the signing of a Memorandum of Understanding (MoU) between the Ministry of Investment/BKPM and the Hyundai, LG and IBC Consortium on July 28 2021. Furthermore, in September 2023, President Joko Widodo visited PT HLI Green Power to carry out direct inspection of the process and results of electric vehicle battery cell production. In the first phase, PT HLI absorbed an investment of USD 1.1 billion and had a production capacity of 10 gigawatt/hour (GWh), consisting of 32.6 million battery cells which could produce approximately 150,000 electric vehicles. In the second phase, expected in 2025, PT HLI plans to increase production capacity to 20 GWh. (SOURCE)

Mar, 21 2024

Subang Legislator Urges Companies to Prioritize Local Workforce Recruitment

H. Adik LF Solihin, SH, a member of Commission II of the Subang Regency Regional House of Representatives (DPRD) from the Indonesian Democratic Party of Struggle (PDI-P), has urged companies operating in Subang Regency to maximize the potential of the local workforce by increasing the recruitment of local employees. According to Adik, the growing volume of investment flowing into the region should deliver tangible benefits to the community, particularly by creating broader employment opportunities for local residents. "Companies operating in Subang Regency must generate positive impacts for the local community. One of the most important ways is by increasing the recruitment of local workers so that the benefits of investment are truly felt by the people," Adik said, as quoted on Sunday (July 19, 2026). Adik explained that local employment absorption is a key indicator in measuring the success of investment. In addition to creating jobs, he believes it contributes to improving community welfare while helping reduce unemployment in Subang Regency. He added that the local workforce possesses significant potential and capabilities that can continue to be developed to meet the evolving needs of industry. Therefore, companies are encouraged to provide greater opportunities for Subang residents to fill various positions based on their qualifications and competencies. Furthermore, Adik called on companies to strengthen collaboration with the Subang Regency Government through vocational education, workforce training, and skills development programs. He emphasized that such initiatives are essential to improving the competitiveness of local workers in response to the rapidly evolving demands of industry. "If necessary, we in the DPRD will summon investors operating in Subang Regency to assess the extent of their contribution to the local community, particularly in terms of local employment," he said. According to Adik, the Subang Regency DPRD will continue to oversee incoming investments to ensure they not only drive economic growth but also provide direct benefits to local communities by expanding employment opportunities. He added that strong collaboration among the regional government, businesses, and the community is essential to ensuring that the continuous flow of investment into Subang Regency creates sustainable employment, enhances the quality of the local workforce, and promotes broader community prosperity. [SOURCE]

Jul, 21 2026

West Java Receives the Most Investment in 2024, Beats DKI

Jakarta, CNN Indonesia - West Java is the region that received the most investment throughout 2024 with a value of IDR 251.1 trillion or 14.1 percent of last year's total investment of IDR 1,714.2 trillion. Minister of Investment and Downstream Rosan Roeslani said that throughout last year the amount of investment in Java reached IDR 818.8 trillion or 47.8 percent and outside Java IDR 895.4 trillion or 52.2 percent. "And we see that investment outside Java is getting bigger, and even higher than Java," said Rosan at his office, Friday (31/1). Based on data from the Ministry of Investment and Downstream, the largest investment occurred in West Java. This position has not changed from the previous year. The second position is in DKI Jakarta with an achievement of IDR 241.9 trillion or 14.1 percent. Then, East Java follows in third place with a realization of IDR 147.3 trillion or 8.6 percent. Fourth, the largest investment entered Central Sulawesi at IDR139.9 trillion or 8.2 percent and finally in Banten at IDR105.6 trillion or 6.2 percent. In detail, the investment realization throughout 2024 which amounted to IDR1,714.2 trillion increased by 20.8 percent (yoy) and consisted of Foreign Investment (PMA) of IDR900.2 trillion or increased by 21 percent (yoy) and Domestic Investment (PMDN) of IDR814 trillion or increased by 20.6 percent (yoy). This achievement was also recorded as far above the strategic plan (renstra) target of IDR1,239.3 trillion and the president's target of IDR1,650 trillion. (SOURCE)

Mar, 14 2025

Indramayu Opens Wide Doors for Investors: Huge Potential in the Agriculture and Fisheries Sector

DISKOMINFO INDRAMAYU – The Indramayu Regency Government continues to strive to explore investment potential that can encourage regional economic growth. This is the main topic in today's West Java Dialogue on TVRI Jabar, with resource person Drs. Acep Suherman as Coordinator of Investment Data and Information Systems for Indramayu Regency, Wednesday (9/10/2024). In the discussion, Acep explained that the current investment climate in Indramayu is very promising. According to Acep, last year investment was hampered because there was no official Regional Spatial Planning (RTRW). However, with the passing of Regional Regulation no. 9 In 2024, potential sectors such as agriculture and fisheries will begin to be eyed by many investors. Indramayu has great potential in the agricultural sector, especially as a national food barn. Agricultural production in this area is recognized as superior nationally. In addition, Indramayu's fisheries sector is known as the largest fish producer in West Java, which further strengthens its attractiveness for investors. “We welcome investors, both from within and outside the country. "We have also prepared supporting infrastructure such as toll roads which will facilitate the flow of goods in and out of Indramayu," said Acep. Apart from that, basic needs such as water and electricity are sufficient, so it can provide comfort for investors who want to invest in Indramayu. However, the challenge currently faced, according to Acep, is marketing regional investment potential to entrepreneurs. For this reason, the Indramayu Regency Government continues to make maximum efforts to use various promotional media to attract more investors. Apart from that, the newly built Public Service Mall (MPP) also simplifies the licensing process, especially for MSMEs, and provides access to information regarding investment potential in Indramayu. In supporting the development of the local workforce, the Indramayu Regency Government collaborates with the Manpower Department (Disnaker) to organize skills training programs. The hope is that graduates of this training can be absorbed by companies in Indramayu. This step is expected to reduce the number of workers who have to look for work outside the region or even abroad. Acep also emphasized the importance of collaboration between investors and local MSMEs. Investors are expected to partner with MSMEs to improve community welfare. "Business actors must pay attention to the environment and surrounding communities, so that the benefits of this development can be felt by all parties," he added. (SOURCE)

Oct, 11 2024

The High Investment Inflow in Karawang Has Little Impact on Labor Absorption

Karawang (ANTARA) – The Karawang Regency Manpower and Transmigration Office in West Java acknowledged that the high level of investment entering Karawang does not necessarily increase labor absorption because most investments are capital-intensive. “The investments entering Karawang are mostly capital-intensive, so they don’t significantly affect labor absorption,” said Rosmalia Dewi, Head of the Karawang Manpower and Transmigration Office, on Sunday in Karawang. Capital-intensive investments mean companies rely heavily on machines and technology, requiring fewer human workers. This contrasts with about ten years ago when many labor-intensive investments focused on employing large numbers of workers entered Karawang. “Because most of the incoming investments are capital-intensive, the labor absorption is not very large,” she added. However, the office continues efforts to improve human resources so local job candidates in Karawang can compete. This includes collaboration with schools and companies to conduct training programs to ensure graduates’ skills meet industry needs. According to data from the Investment Coordinating Board (BKPM), investment in Karawang reached Rp68 trillion in 2024, a significant increase from Rp42.1 trillion in 2023. Despite this large investment figure, it does not correspond to a proportional increase in employment. Data from the Karawang Manpower and Transmigration Office shows that in the first half of 2022, labor absorption amounted to only 4,524 people. In the third quarter of 2023, out of 1,934 investment projects, labor absorption was only 4,314. From January to June 2025, domestic and foreign investment in Karawang reached Rp30.24 trillion, but the labor absorption for the same period was only 12,209 people. [SOURCE]

Dec, 12 2025

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