Indonesia Roundup: Sovereign wealth fund, first bullion banking, iPhone sales ban lifted
Indonesia, Apple reach agreement to lift iPhone ban
Apple Inc. has reached an agreement with Indonesia to invest in the country, clearing the way for iPhone 16 sales to resume in Southeast Asia’s largest market. Indonesian Industry Minister Agus Gumiwang Kartasasmita announced the deal during a media briefing in Jakarta. According to news outlet Kompas, the ministry will now begin the process of issuing Apple a sales permit for its latest smartphone. This agreement ends a five-month standoff that began in October when Indonesia denied Apple a permit due to non-compliance with local manufacturing requirements for smartphones and tablets.
What to know about Indonesia's sovereign wealth fund
President Prabowo Subianto launched the investment management agency Daya Anagata Nusantara (Danantara) on February 24, 2025, to optimise government investments and drive economic growth. Danantara aims to transform Indonesia’s economy by building a global sovereign wealth fund (SWF) and supporting national development. It will initially manage Rp300 trillion (US$20 billion) reallocated from inefficient spending programmes, Antara reports.
President Prabowo launches Indonesia’s first bullion bank services
President Prabowo Subianto officially launched Indonesia’s first bullion bank services in Central Jakarta on Wednesday, highlighting it as a key step in driving economic growth. The services, provided by PT Pegadaian and Bank Syariah Indonesia, will offer gold deposit options and are expected to add IDR 245 trillion to the country's GDP while creating 1.8 million jobs. “Indonesia, which holds the sixth-largest gold reserves in the world, will, for the first time, have a bullion bank. We hope this will accelerate savings and increase our gold reserves,” he said, at the event as reported by Bernama.
$200 million aid for Palestine
Indonesia launched a $200 million humanitarian aid campaign on Wednesday to support Gaza’s rebuilding. A strong supporter of Palestine, Indonesia views Palestinian statehood as a constitutional mandate against colonialism. Titled “Indonesia for Palestine: Solidarity, Real Action, and New Hope,” the campaign is led by the Indonesian Ulema Council, National Alms Agency, and NGOs, with government support. “This is not just a constitutional and religious duty but also a humanitarian emergency,” Deputy Foreign Minister Anis Matta said, aiming to turn the initiative into a movement for humanitarian diplomacy, Arab News reported.
Volcanic eruption temporarily closes Frans Xavier Seda Airport
Rans Xavier Seda Airport in East Nusa Tenggara, Indonesia, was temporarily closed on Wednesday after Mount Lewotobi Laki-Laki erupted on Flores Island, according to AirNav Indonesia. According to Social News XYZ, AirNav official I Nyoman Oka Wirama told local media that the airport, located in Sikka, would remain closed for a day until conditions were safe for flights. The closure followed a pilot’s report of a sulfur smell at altitudes between 5,000 and 11,000 feet while flying from Maumere to Kupang.
