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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.

G20 Summit: New Wave of Global South Economy Starts in Africa
- For the first time in history, the G20 Summit is being held in Africa. This moment is significant because for decades, Africa has been more often the object of global discussion than part of decision-making. In 2025, Johannesburg hosts the world's largest economic forum, representing more than 85% of global GDP, 75% of world trade and two-thirds of the earth's population.
- This momentum is not just symbolic. Many parties consider that the Africa G20 reflects a geopolitical shift: economic power is no longer fully determined by the North, America, Europe, Japan, but has begun to shift to the Global South, including Indonesia, India, Brazil, and African countries. The government sees Africa as a future continent with fast growth and strategic potential, especially in global economic governance.

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250 Tons of Thai Rice Entered Without Permit in Sabang Sealed by Officials
- The government and law enforcement officials uncovered 250 tons of illegal rice from Thailand entering Sabang, Aceh. Together with law enforcement officials, the government officially sealed the warehouse of PT Multazam Sabang Group, a company that reportedly imported without a central government permit. The rice is now sealed and will not be released to the market.

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Revenue Realization Still Below Target, Boost through Diversification and Tax Compliance
- As of October 31, 2025, state revenues have only collected IDR 2,113.3 trillion or 73.7% of the 2025 State Budget target. Of this amount, gross tax realization reached IDR 1,799.5 trillion, while net realization after restitution reached IDR 1,459.03 trillion or 70.2% of the target. In addition to taxes, customs and excise revenue grew by 7.6% to Rp 249.3 trillion or 80.3% of the target. The biggest growth continued to be in export duties, reaching 537.4% of the target at IDR 24.0 trillion - driven by higher CPO prices, palm oil export volume, and copper concentrate exports. Meanwhile, import duties slowed relatively due to the decline in food commodity imports and the utilization of a number of free trade agreements (FTAs). Five weeks before the end of 2025, the government is making every effort to ensure that state revenue is in line with the outlook set by the 2025 State Budget, which is IDR 3,005.1 trillion or 12.36% of Indonesia's GDP.

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UMKM Can Now Enjoy Flat Interest and Higher Ceiling
- Good news for micro, small, and medium enterprisesUMKM). The government's decision to raise the ceiling of the People's Business Credit (KUR) with a fixed interest rate of 6% per year is a breath of fresh air to increase populist economic growth amid global economic uncertainty. The government on Wednesday (19/11/2025) also decided that the People's Business Credit (KUR) ceiling would increase from Rp 500 million to Rp 1 billion as part of expanding access to financing for small businesses. In addition to the ceiling increase, the KUR interest scheme was also changed from a gradual model to a flat one. The government sets a flat interest rate of 6% even though the debtor has made several applications.

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Selected Videos: Global Collaboration at Indonesia International Beauty Expo 2025


Imported Oil Volumes and Prices Rise, Deficit Swells
- Imports of crude oil and refinery products in the third quarter of 2025 increased after two previous quarters of decline. Of the 87 million barrels of oil imports, most were refined oil products or fuel (61%). While imports in the previous two quarters were 83 million barrels (first quarter) and 80 million barrels (second quarter). The cumulative volume of oil imports in the first and third quarters of this year reached 250 million barrels, the same as the volume of oil imports in the same period last year.
- The value of oil imports in the third quarter was recorded at US$ 6.8 billion, up 10.3% compared to the previous quarter. With the increase in oil imports, the oil commodity trade balance was again in deficit by a larger amount, namely US$ 5.55 billion. The deficit had reached the lowest value in the last two years, in the second quarter of 2025: US$ 4.97 billion.

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Symposium on International Cooperation on Carbon Markets towards Carbon Neutrality in ASEAN and Japan will be held on Monday, November 24, 2025, in a hybrid format at ERIA Office, Sentral Senayan II, Jakarta, from 13:00 to 18:00 WIB. The symposium will bring together leading experts, policymakers, and researchers to exchange insights on the progress of carbon neutrality through discussions on carbon pricing policies, carbon market design and development, and regional cooperation mechanisms. In addition, it highlights the results of collaborative research between ERIA and partner institutions in exploring policy options for the establishment of carbon markets and strengthening international collaboration towards decarbonization under the AZEC framework. For more information on how to get involved in this event, please access Eria Org's Instagram account.
The Indonesia Stock Exchange (IDX) will give awards to Exchange Members who won the Most Active Structured Product Securities Company category as well as the 2025 Investor Reward Program Special Award. This event will be held on Monday, November 24, 2025, at the Main Hall of the Stock Exchange (IDX) at 15:30-17:00 WIB. This award is a form of appreciation from the IDX to Exchange Members who actively contribute in efforts to increase awareness and also conduct structured product transactions in the Indonesian capital market throughout the program period. This event is also the closing of a series of Investor Reward Program 2025 activities.

"Don't be satisfied with mediocre results. Keep trying until you create something extraordinary." (Larry Page - Google Founder)
Have a good day, Chief.
Team SUAR