Nobel Laureate Reveals Change is Normal, Spurs 2025 State Budget Absorption

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The following is important information related to the development of the business universe that needs attention today based on the curation of the SUAR Team.

Exclusive Interview with the Chairman of the Nobel Committee for Economics: Innovation Prevents Stagnation

The announcement of the Swedish Academy's Sverges Riksbank Prize in Economic Sciences - more commonly known as the Nobel Prize in Economics - on Monday, October 13, 2025, to Joel Mokyr, Philippe Aghion, and Peter Howitt confirms the strategic value of technological innovation for economic growth. As the engine of growth, businesses are encouraged to make innovation an important part of their business processes.
SUAR editors had the opportunity to interview the Chairman of the 2025 Nobel Prize Economics Committee and Professor of International Economics at Stockholm University John Hassler via written correspondence via email. The following is John Hassler's full interview with SUAR reporter Chris Wibisana.

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Pursue Revenue and Spur Absorption in the Remaining Three Months

Entering the fourth quarter, the Ministry of Finance revealed the potential state revenue that must be pursued until the end of 2025. Spending absorption has not yet reached the outlook. Therefore, the selection of expenditure with high absorption and pursuing tax compliance ahead of SPT reporting are two ways to ensure the growth target is achieved in the remaining three months of the 2025 State Budget. As of September 2025, state spending has reached IDR 2,234.8 trillion or 63.4% of the 2025 outlook , while state revenue has reached IDR 1,863.3 trillion or 65% of the 2025 outlook . Of this amount, the state budget deficit is maintained at IDR 371.5 trillion or 1.56% of GDP.

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Strengthening Industrial Environmental Governance Prevents Recurrence of Radioactive Risks

The Indonesian government ensures that mitigation measures related to the impact of radioactive cesium-137 (Cs-137) exposure in the Cikande industrial area, Serang, Banten, are coordinated across ministries. This issue became a concern after the US Food and Drug Administration (FDA) issued a new policy requiring a radioactive-free certificate for shrimp and spice exports from Indonesia. On the other hand, fisheries businesses are waiting for technical certainty from the government and FDA regarding the radioactive-free certification process.

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Supporting Emission Reduction, Banks Pour in Green Financing

The national banking sector continues to strive to increase the growth of sustainable financing in line with environmental awareness and ambitious targets to achieve net-zero emissions by 2060. Read how banks are successfully implementing their commitment to reduce greenhouse gas emissions and channel green financing.

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A way out of the fuel deficit trap

Data from the Ministry of Energy and Mineral Resources (ESDM) shows that energy consumption from fuel oil still takes up a significant proportion of the national energy mix. As the population continues to increase, national fuel consumption also continues to soar. It is recorded that energy consumption increased from 396.21 million barrels in 2014 to 507.76 million barrels in 2024. Within a decade, fuel consumption increased by about 28%.
Unfortunately, this increasing consumption trend is inversely proportional to the condition of domestic oil production. Data shows a worrying decline in production. Oil production continues to decline from 287.902 million barrels in 2014 to only 212.332 million barrels in 2024.

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Trade Expo Indonesia (TEI) 2025 is the largest annual international trade show presented by the Ministry of Trade of the Republic of Indonesia. With the theme"Discover Indonesia's Excellence: Trade Beyond Boundaries", TEI 2025 aims to offer a variety of business opportunities, especially for exporters, to showcase and trade Indonesian products and services. The event will be held for 5 days, from October 15 to October 19, 2025 at the Indonesia Convention Exhibition (ICE) BSD City, Tangerang Regency, Banten. TEI is designed to be a meeting place between Indonesian producers and exporters with buyers from around the world. Participants can follow and get more information, including about registration and event schedule on Trade Expo Indonesia's official website and its Instagram social media.

The National Seminar entitled "The Future of Outsourcing in Indonesia" is a strategic discussion organized by the Indonesian Employers Association (Apindo) to discuss the future of outsourcing in Indonesia to balance business productivity, social justice, and efficiency. Held on Wednesday, October 15, 2025, offline at Mercure Hotel Gatot Subroto, Jakarta, the seminar will present the perspective of the business world through Ms. Mira Sonia (member of Apindo's Regulatory & Employment Relations Committee) and other labor experts and practitioners. The focus will be on key topics, such as the impact of the elimination of outsourcing, the implementation of business process outsourcing (BPO), the reform of the outsourcing system, and joint recommendations for the future of labor. Information related to registration for the event can be accessed through Apindo's Instagram social media.