Depresiasi atau pelemahan mata uang Rupiah terhadap Dolar Amerika Serikat hingga akhir bulan kedua tahun 2025, masih berlanjut. Bahkan, berdasarkan data Jakarta Interbank Spot Dolar Rate atau Jisdor Bank Indonesia, mata uang Garuda tercatat menyentuh Rp16.575 per dolar Amerika Serikat pada 28 Februari 2025. Level ini menjadikan Rupiah melemah paling dalam di sepanjang tahun 2025.
Kalangan ekonom menyebutkan, hasil pertemuan perdana para pejabat bank sentral Amerika Serikat The Federal Reserve di awal tahun 2025, yang semakin meneguhkan arah kebijakan bank sentral negeri Paman Sam tersebut terhadap penurunan suku bunga acuan yang melambat, dinilai menjadi salah satu faktor penekan Rupiah. The Fed masih menahan Fed Fund Rate di level 4,25-4,5% sambil mencermati perkembangan ekonomi domestik. Apalagi, Gubernur The Fed Jerome Powell juga telah memberikan sinyal hawkish, yang membuat banyak pelaku ekonomi dunia memprediksikan kebijakan higher for longer masih akan bertahan, untuk beberapa waktu ke depan.
Sementara itu, Bank Indonesia melaporkan posisi cadangan devisa terus mengalami peningkatan dan kembali memecahkan rekor baru tertinggi sepanjang masa, pada Januari 2025 menjadi USD15,1 miliar. Sebelumnya, cadangan devisa pada Desember 2024 juga sempat mencetak rekor yaitu USD155,7 miliar.
Kalangan ekonom menyebutkan, hasil pertemuan perdana para pejabat bank sentral Amerika Serikat The Federal Reserve di awal tahun 2025, yang semakin meneguhkan arah kebijakan bank sentral negeri Paman Sam tersebut terhadap penurunan suku bunga acuan yang melambat, dinilai menjadi salah satu faktor penekan Rupiah. The Fed masih menahan Fed Fund Rate di level 4,25-4,5% sambil mencermati perkembangan ekonomi domestik. Apalagi, Gubernur The Fed Jerome Powell juga telah memberikan sinyal hawkish, yang membuat banyak pelaku ekonomi dunia memprediksikan kebijakan higher for longer masih akan bertahan, untuk beberapa waktu ke depan.
Sementara itu, Bank Indonesia melaporkan posisi cadangan devisa terus mengalami peningkatan dan kembali memecahkan rekor baru tertinggi sepanjang masa, pada Januari 2025 menjadi USD15,1 miliar. Sebelumnya, cadangan devisa pada Desember 2024 juga sempat mencetak rekor yaitu USD155,7 miliar.
Category
📺
TVTranscript
00:00Hello viewers, how are you today, straight from the IEDX studio in Jakarta, I am Prasetyo Wibow
00:27Welcome back to Market Review, a program that covers the issues that affect the economy in the country
00:32You can also watch our live streaming at iedx.com
00:35And viewers, let's start the Market Review
00:47The depreciation of the value of the exchange rate against the US dollar continues
00:52Even on February 28, 2025, the Rupiah experienced the deepest weakness throughout 2025
00:59This is 16,575 Rupiah per US dollar
01:08The depreciation of the value of the exchange rate against the US dollar until the end of February 2025 continues
01:15Even based on the Jakarta Interbank Spot Dollar Rate or Jisdor Bank Indonesia
01:21Matewang Garuda was recorded at 16,575 US dollars on February 28, 2025
01:29This level makes Rupiah the deepest weakness throughout 2025
01:34Economists say the results of the first meeting of the Central Bank officials
01:38US Federal Reserve at the beginning of 2025
01:41Which is increasing the direction of the Central Bank policy of Pamansum
01:45The Fed is still holding the Fed Fund Rate at level 4.25% to 4.5% while respecting the development of the domestic economy
01:58Moreover, Governor-General Jerome Powell has also given a hokey signal
02:01Which makes many global economic players predict that the Hire for Longer policy will still last for some time
02:09Meanwhile, Bank Indonesia reported that the position of the Deficit Savings continues to increase and re-set a new highest record throughout time
02:17In January 2025, it became US$156.1 billion
02:22Previously, the Deficit Savings in December 2024 also set a record of US$155.7 billion
02:29From Jakarta, the coverage team, Aidek Channel
02:34Pemirsa, to discuss our topic this time, the strategy to maintain the stability of the exchange rate of Rupiah
02:41We have connected through Zoom with Mr. Benny Sutrisno
02:44He is the General Chairman of the Indonesian Export Company, GPEI
02:48Hello Mr. Benny, how are you?
02:49I'm fine, thank you
02:51Thank you for your time
02:53Then Mr. Rian Keryanto, Senior Economist and Associate Faculty of the Indonesian Banking Development Institute
03:01Hello Mr. Rian, how are you?
03:02How are you, Mr. Pras? Hello Mr. Benny
03:05Hello Mr. Rian
03:07Thank you for your time
03:09Before we go any further, we will first review the movement of the exchange rate of Rupiah
03:13From the LPPI's own eyes, how do you see Rupiah right now?
03:17Has it already reflected the fundamental condition or how?
03:21The basic theory says that the exchange rate of a currency reflects the fundamental economy of the country
03:32If we look at the current development, at least in the last two months
03:38Our Rupiah position is really, if I may say so, undervalued
03:45Because I refer to the APBN 2025 assumption
03:51Where 1 USD is equivalent to 16,000
03:56I think that's a standard value that is expected by policy makers
04:02Now that the Rupiah position was said to be around 16,000, above 16,500
04:11It means that it is far below the previous expectation
04:17That the average Rupiah throughout this year is 16,000
04:21Therefore, I say that this really does not reflect our fundamental economy
04:26But it reflects the non-fundamental factor
04:32The non-fundamental factor, in the market language, is known as the sentiment factor
04:38Yes, Mr. Pras, Mr. Benny
04:40What is the sentiment?
04:42Indeed, the negative sentiment factor is the majority
04:47The issue is from the external, from the global condition
04:50First, it was also said earlier that Jerome Powell, the governor of FDF
04:56Has given a strong signal
04:58The possibility of a decrease in FDF has begun to be limited
05:04It may even have stopped in the direction of a return
05:07Where this year, at least in the second semester
05:10Maybe the FED policy tends to be hawkish
05:13Which means it tends to tighten
05:15Why tighten?
05:16To balance the increase in inflation in America
05:20Which is beginning to leave a 2% target level
05:23The inflation that hit America
05:25It is as a result of the improvement of the American economy
05:30During the new government under President Donald Trump
05:34Who is very ambitious to improve the US economy
05:39Although it is a bit of an investment factor
05:42The main reason for the increase in economic growth is to increase inflation
05:46That is the highlight that Mr. Pras can convey
05:49Related to the development of the Rupiah, at least for the last two months
05:53Okay, Mr. Aryan
05:54From the business side, how do you see the current Rupiah weakness?
05:59Is this still in the business target, in the prediction target of the market players?
06:08If I am an exporter, of course there is a windfall
06:14Because my production cost is in Rupiah
06:20But if the production cost is also imported, then it is just right
06:26But indeed, from my experience since 1982
06:32Our Rupiah has never gone up, it always goes down
06:37So it is always advantageous for exporters
06:40Especially exporters who get all the materials from abroad
06:45But if we look at it this far, can the raw materials still be obtained from abroad?
06:50Or is there a lot that comes from abroad?
06:53There are quite a lot in the country
06:57Among the basic things in the country are
07:00First, the labor cost
07:02Second, the energy cost
07:04And the overhead cost in the country
07:06But if you want to talk about raw materials in the country
07:10The palm oil is also almost all in the country
07:13Only the machine is imported, but not as much
07:16That's why our dividend savings keep going up
07:18Moreover, now the government has created one DHE
07:22For a year, it will increase the dividend savings
07:26But the dividend savings also doesn't make Rupiah stronger
07:31Maybe Mas Rianto knows more about this
07:35Okay, so it can be said that this is one of the positive aspects
07:39From the weakness or depreciation of Rupiah for Indonesia's exports
07:43But so far, with DHE, the win-win solution will not be Mr. Bedi?
07:50With the value obtained, then it has to be maintained first
07:54DHE is a must
07:56If it's not done, we won't be served for our export permit
08:01So it has to be done
08:04But DHE is directed to natural resources, not manufacturing
08:09Okay, Mr. Bedi
08:11Well, Mr. Rianto, as has been said
08:13On the one hand, it turns out that this depreciation has a plus-minus value
08:17It turns out that for exporters, it can be a blessing
08:20With a value that they can get even higher
08:23As long as the raw materials can be obtained from DHE
08:28How do you see the value of Rupiah now for the business world?
08:33Is it comfortable or how?
08:35We see it from two sides
08:39Mr. Bedi is right
08:41Perhaps from exporters with Rupiah depreciation
08:45Maybe they get an additional benefit
08:49Or the term is a kind of profit
08:52But when some entrepreneurs still depend on raw materials
08:59Or the raw materials still have a high import content
09:03Of course this is also not good, not accurate
09:06That's why there is a term called equilibrium
09:09Or a point of balance
09:11That point of balance is actually a point where
09:14The benefit that comes from the position of a currency exchange value
09:20Gives a balanced benefit to one exporter and another importer
09:26Because no matter what we have to admit
09:28In addition to exporting for primary commodity products
09:32But we still depend on raw materials and auxiliary materials
09:40Which are imported
09:42Especially in the health sector
09:44As far as I know, we still have a lot of import contents
09:47Which must be imported from abroad
09:49Which is underlying is using the US dollar basis
09:52One more thing that we can't ignore
09:55When our BBM consumption is high
10:01Some of us have to buy oil in the oil market in Singapore
10:05Which uses the US dollar currency
10:08The more we use fossil BBM
10:12Like the previous one
10:14Of course this will put pressure on our trade
10:18That's why we can see, Mr. Pras, Mr. Benny
10:21For the past 57 months, we have been able to book surplus
10:26But now, maybe in the last 6 months
10:31There is a very strong trend
10:33Our surplus has started to fall
10:37I think this is a note for the government
10:39To start being alert
10:41Because at some point, we will experience a deficit again
10:47So the performance of the last 57 months
10:51We have to be able to maintain and continue
10:55To ensure that our foreign reserve is still capable
11:03With the US dollar surplus of US$156 billion
11:07Equivalent to the fulfillment of the needs of import
11:10And the payment of international obligations
11:12More or less 6.3 or 6.4 months
11:14This is still okay, still healthy
11:16Because it is far above the international threshold
11:19Which is 3 months
11:21But I have to say
11:24The pressure from the US dollar is still waiting for us
11:28So we need to be alert
11:32Especially from our country's defenders, Mr. Pras
11:35Okay, what is the strategy?
11:36We will discuss it in the next segment, Mr. Benny
11:38We will take a break
11:40Mr. Mirsa, make sure you are still with us
11:59Thank you for joining us in Market Review
12:01Mr. Mirsa, we will continue to provide you with data
12:04Related to the Jisdor course
12:06From the Rupiah exchange rate movement
12:08Data until February 28, 2025
12:11As you can see on your TV screen
12:14We can see the movement from February 17 to February 28
12:18The weakness continues
12:20Until last week, it was recorded at Rp16,575 per US dollar
12:26And the Rupiah daily transaction rate
12:28It was also recorded in the last few days
12:31Under pressure on February 28
12:35Recorded at Rp16,513 per US dollar
12:42This is about the time from February 17 to February 28
12:46For Rupiah daily transactions
12:49Data from Bank Indonesia
12:52And then we will take a break
12:54For the Indonesian reserve
12:56December 31, 2024
12:58Recorded at Rp155.7 million per US dollar
13:01Then on January 31, 2025
13:04Recorded at Rp156.1 million per US dollar
13:08Let's continue our discussion with Mr. Rian Kiryanto
13:11And Mr. Benny Sutrisno
13:13With the current conditions, Mr. Rian
13:16If we talk about the strategy
13:18What needs to be considered
13:20Maybe for some businessmen
13:22Like exporting, there was a signal
13:25That can be obtained
13:27But we also have to think about
13:30Solutions that need to be centered
13:33Need to be looked for
13:34For domestic production
13:36And economically as a whole, Mr. Rian
13:40Regulatory, actually
13:42The government and related authorities
13:45Already have instruments
13:47Instruments to be able to
13:49Detain more Rupiah smugglers
13:52First, Mr. Benny has also said
13:55It is related to the obligation
13:57To place the export proceeds
13:59With a 12-month tenor
14:01Which took place, if I'm not mistaken
14:03The last 1-2 days
14:05And it is mandatory
14:07From the context of placing export deficit
14:11The second
14:12We have to be more disciplined
14:15In implementing policies related to TKDN
14:18Yes
14:19Now it seems very rare
14:21People expose policies related to TKDN
14:24Maybe this needs to be looked at again
14:26Yes
14:27The third point is
14:28How do we continue to push
14:30What is it called
14:32Hillarization in all sectors
14:34In the first phase
14:36We are strong in mining hillarization
14:39Or mining
14:40And we can get the results well
14:43Where the export proceeds from the natural resources sector
14:47That's pretty big
14:48But we also have to push
14:50For hillarization in other sectors
14:52Especially in the agricultural sector
14:54In a broad sense
14:55Which in my opinion
14:56This is still like a sleeping giant
14:59Very big potential
15:01If we can move forward
15:03From intermediate to hillarization
15:05So what is it called
15:07Our dependence on
15:09Import components can be reduced
15:11Now, last but not least
15:13I think outside the context of regulators
15:16Yes
15:17Of course
15:19There are also instruments
15:20Before I forget
15:21From Bank Indonesia, I believe
15:23BI also provides various instruments
15:25To be able to absorb foreign currencies
15:28Can enter the Indonesian financial market
15:30That is, for example, there is
15:32Foreign currency certificate
15:34BI, SBBI
15:35Then there are instruments
15:37Term Deposit, FALAS and so on
15:40Well, that's the regulation
15:42But it's also important, Mr. Prahas, Mr. Benny
15:44I think this
15:46Perception from foreign investors
15:48Or global currency market players
15:50Towards our outlook
15:52Maybe they are nervous now
15:54How nervous
15:55There are so many policies
15:58In the economic and investment sector
16:01Which according to them
16:03On the way
16:05Not implicit
16:06Some of the issues they mentioned
16:08For example, how their policies
16:10With the increase in GDP from 11%
16:13To 12%
16:14That becomes an issue
16:16Then how
16:17What is the implementation
16:19The plan is tech amnesty
16:21Series or JILI 3
16:23Which has now stopped
16:25The last one, of course, was
16:27Debate about marketing or distribution
16:29LPG 3 kg
16:31Which also happened to trigger
16:33A kind of dispute
16:35The last one is also
16:36This is related to the obligation
16:37Deficit export must be
16:39Stored in the domestic financial market
16:41Domestic for 12 months
16:43It also had
16:44Created a dispute
16:46Yes, even though now
16:47The celebration is still JILI
16:48The conclusion, Mr. Prahas
16:50I think from the perspective
16:52Government or government
16:54The PYW must be in
16:55Communicate
16:57The released policies
16:59More important is
17:01Have to think in a way
17:03In other words, in my language
17:05Outside Inbox
17:07Outside Inbox is like this
17:09What benefits can be given to
17:11Marketers with policies
17:13This new government policy
17:15So think about it
17:17In other words, it's Outside In
17:19What benefits are received
17:21Mr. Benny and friends on the field
17:23So that they are fully aware
17:25Will comply
17:27With the policies
17:29Which was released by the government recently
17:31I think this is important
17:33The issue is more
17:35In my opinion, how
17:37Communicate
17:39So that everyone can comply
17:41With the policies
17:43Mr. Benny, how is it?
17:45The strategy that has been prepared
17:47I remember this is a blessing
17:49But it doesn't last long
17:51Adhering to existing conditions
17:53So that there is a point of balance
17:55As mentioned, between production costs
17:57Export performance, etc.
17:59Has it been part of the plan
18:01Throughout this year
18:03Of course we always adjust
18:05The equilibrium
18:07As Mr. Rianto said earlier
18:09Indeed
18:11Government communication
18:13To the public
18:15Less
18:17Less good
18:19It means
18:21It is always improved when there is a viral
18:23So the final decision
18:25Finally viral
18:27If it is viral
18:29It will be improved
18:31We also doubt
18:33What else
18:35Later in the afternoon, we also have a meeting
18:37With the government
18:39Regarding the issue of security
18:41Investments
18:43Because it seems that it is getting more and more unsafe
18:45There are many warlords
18:47Who grew up in the area
18:49It is
18:51As if
18:53Disturbing investment
18:55Companies that have been running
18:57Also disturbed
18:59Where is the government?
19:01Why do we pay taxes
19:03If we are always like this
19:05This is what makes us
19:07Not lazy
19:09Because
19:11Our business is a choice of life
19:13So whether you want it or not
19:15You have to keep going
19:17But the road is
19:19The more challenges
19:21Finally we are looking for
19:23The smaller, the easier
19:25That's the choice
19:27That's the end, Mr. Rianto
19:29Okay, and let's see
19:31Is there also an effort to protect
19:33Value or hedging
19:35Related to the fluctuation of the exchange rate
19:37So we will discuss later in the next segment
19:39Mr. Benny Parian, we will be back in a moment
19:41We will be back soon
19:43After the next conversation
20:00Okay, let's continue our conversation
20:02With Mr. Benny Suterisno
20:04General Director of the Indonesian Export Company
20:06And also Mr. Rian Karyanto, Senior Economist
20:08And also Associate Faculty from
20:10Banking Development Institute of Indonesia
20:12Okay, Mr. Benny, other strategic steps
20:14When it comes to the fluctuation
20:16The movement of the exchange rate
20:18Which we all tend to experience
20:20Pressure on the US dollar
20:22Along with the central bank discussion
20:24Paman Sam's country is also there
20:26So is there an effort
20:28For hedging or other strategies
20:30Mr. Benny, please
20:32Yes, for hedging
20:34We look at the hedging cost
20:36Is it expensive or not
20:38If I look at it, it's still expensive
20:40For those of you who are in the middle
20:42Usually we do natural hedging
20:44Yes, today I got the money
20:46Today I also converted it to the dollar
20:48It's like that
20:50If the stock has to be imported
20:52So automatically natural hedging
20:54Will be done by
20:56Entrepreneurs, except for the big ones
20:58Big ones can do hedging
21:00Outside which is cheaper
21:02Because hedging in the US is also not cheap
21:04Hmm
21:06Well, with the weakening of the rupiah
21:08It becomes a plus value
21:10For export in Indonesia
21:12Is there a plan to increase
21:14Export energy again
21:16Or is it just business as usual
21:18In other words, it is already in line with the business plan
21:20This year, Mr. Benny
21:22If there is a plan, there must be
21:24If you look at it from the production side
21:26The production is over
21:28To be exported
21:30Well, we just need to access the market
21:32Which we do from day to day
21:34We are benefited at the moment
21:36With technology we can access the market
21:38Without the government
21:40We can also do it
21:42Because each
21:44Whichever area
21:46Can also be connected with a mobile phone
21:48With email
21:50And we can get more information
21:52And we can get more information
21:56There are some markets
21:58Which we call traditional markets
22:00But also
22:02We look for new markets every day
22:04Yes, diversification of export countries
22:06Which one is it, sir?
22:08Which is being aimed at in 2025
22:10So that it can be increased again
22:12From the point of view of sales
22:14Business expansion and also Indonesia's export
22:16Yes, in terms of logistics
22:18Actually
22:20The Middle East and other countries
22:24That is also a new area
22:26For us to increase
22:28But
22:30Further
22:32Africa is part of
22:34What is growing right now
22:36They need quite a lot of goods
22:38Which is currently
22:40Filled by Chinese goods
22:42We are competitors from China
22:44For manufactured goods
22:46But if for
22:50Yes
22:52Yes
22:54Hello, this is Mr. B
22:56Okay, Mr. Mirsa
22:58Well, Mr. Rian
23:00If we look at some data
23:02And the information that has been conveyed
23:04When it comes to export
23:06We will also try to improve and take advantage of
23:08The fact that there is a rupee weakness
23:10Which on the one hand can provide benefits
23:12For Indonesian exporters
23:14But on the other hand, the global challenges still haunt
23:16You see the policy steps
23:18Whether it's from the fiscal side
23:20Starting with Indonesia's flight
23:22Which also provides a domain related to the rupee movement
23:24Mr. Rian
23:26First, I want to underline
23:28In the future
23:30Tactical communication from the government
23:32Related to all policies
23:34Which are updated
23:36Or should be better
23:38So that it can be improved
23:40By all layers of society
23:42Without the sound
23:44That is minor
23:46So that we are too noisy
23:48With the situation
23:50Which is not counterproductive
23:52For our economy
23:54In addition to what Mr. Benny said
23:56First, in the context of export
23:58Of course we have to take good care
24:00Our traditional markets
24:02Markets that have long been
24:04Our export growth
24:06Of course based on the commodities
24:08Which we can export to each region
24:10Or each country
24:12The second, we must be able to optimize
24:14Opportunities
24:16When products
24:18Exports from China
24:20Entered the United States
24:22The interest rate was increased
24:24Minimum 10% as far as I remember
24:26And it will be reviewed
24:28By the government of Donald Trump
24:30At the same time, of course we have to
24:32Be able to take
24:34Markets from goods
24:36Chinese exports to the United States
24:38Because we
24:40As far as I know
24:42We are not subject to a ban or penalty
24:44From Donald Trump's policy
24:46Related to income tax
24:48We can still enjoy
24:50GSP facilities
24:52Generalized system preference
24:54So that our goods can enter the U.S. market
24:56Without being taxed
24:58High income
25:00Like goods from China
25:02Or from Vietnam
25:04Which in particular, the goods are the same as ours
25:06The third, of course, what I said earlier
25:08Protection of value or hedging
25:10Because it's like
25:12We buy insurance policy
25:14To ensure that
25:16Our goods, our dollars
25:18In the future, in the context of forward
25:20For example, 4-6 months
25:22It also needs to be hedged
25:24Or needs to be protected in value
25:26To reduce losses
25:28Indeed, to anticipate losses
25:30Because of the exchange rate difference
25:32There is a cost
25:34As far as I remember
25:36The cost is still accommodative
25:38This is the last solution
25:40In order to ensure
25:42Cash flow or cash flows
25:44From our business actors
25:46Can be maintained well
25:48That's the general picture
25:50Okay, from the business actor's point of view
25:52How do you see the potential of the rupee movement
25:54Then
25:56The performance of Indonesia's exports in 2025
25:58Are you optimistic enough
26:00With the global challenge
26:02And also of course in the country
26:08Yes, hello
26:10If
26:12For exports in 2025
26:14We are still
26:16Yes, can you hear me, sir?
26:18Yes, you can hear me, sir
26:24Hello, can you hear me, sir?
26:26If in 2025 we are still optimistic
26:28Yes, yes
26:30Can you hear me, sir?
26:32Yes
26:34Okay, sir
26:36I'm still optimistic, sir
26:38Still optimistic
26:40Okay, that's it from the business actor's point of view
26:42Still optimistic
26:44Then how is the government's strategy
26:46To maintain the stability of the rupee exchange rate
26:48This is the last variant
26:50Before I forget
26:52We also have to be careful
26:54Or vigilant
26:56When products made in China
26:58Can't enter the US market
27:00There is a chance
27:02There is a possibility
27:04There is a production
27:06Manufacturer
27:08Consumer goods
27:10Not consumer goods
27:12The Chinese-made products we often use
27:14It can flood our market
27:16And it has happened
27:18For example in the sector
27:20Or the TPT industry
27:22Textile and textile products
27:24Don't forget, we need to understand together
27:26That we can't participate
27:28Then say
27:30Chinese producers, you can't send goods to Indonesia
27:32We can't participate
27:34Not because we are also associated with
27:36WTO ratification
27:38But as far as I remember
27:40In 2012 or 2013
27:42We
27:44ASEAN countries have
27:46Signed an agreement
27:48Free Trade Arrangement
27:50Or Free Trade Agreement
27:52With China
27:54That is known as ASEAN plus one
27:56So what we can do
27:58We have to make a product
28:00At least in terms of quality
28:02Not inferior to made in China
28:04Because maybe
28:06The production is also good, but the price is also cheap
28:08There we have to be able to
28:10Head to head with Chinese products
28:12Next, of course, what I said earlier
28:14The government has released
28:16Various policies that I think are good
28:18Just how to execute
28:20On the ground, this must be monitored
28:22So that
28:24Entrepreneurial actors
28:26Mr. Benistriz and others
28:28Discipline to comply
28:30Regulations
28:32I'm sure
28:34Regulation means good
28:36Like earlier
28:38Proceeds Export
28:40Then the fulfillment of
28:42TKDN percentage and so on
28:44That's all good
28:46Last but not least, I'm really concerned
28:48With communication
28:50Because the last time I mentioned
28:52About the issues and between
28:54It's very noisy
28:56Which even if we understand with a clear head
28:58The meaning and purpose of the establishment
29:00And between is good
29:02Just because I'm sorry again
29:04Because the communication is not
29:06Fully explanation
29:08So that the understanding becomes spatial
29:10Or partial
29:12That's why what comes to mind is
29:14A kind of disagree
29:16Or rejection of and between
29:18Even if it is deepened
29:20The meaning and purpose are good
29:22How do we have a kind of super holding
29:24Like Temasek in Singapore
29:26Or Hassana Berhad in Malaysia
29:28Or Sasak in China
29:54Thank you very much for continuing your activities
29:56Thank you and see you again
29:58Thank you
30:00Dear viewers, don't leave your seat
30:02Because in a moment we will return
30:04With another interesting topic
30:06Related to the future of the textile industry
30:08After the decision of Pilot Sritex
30:24Thank you