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Indonesia: Countries
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The Republic of Indonesia is a vast archipelagic nation set on about 18,000 islands across three time zones between the Indian and Pacific oceans. It is the world’s fourth most populous country, with an estimated 240 million people - a figure that grows by about 3 million each year. Urban population growth is especially rapid, straining the capacity of Indonesia’s cities to provide people with adequate housing and social services. The country continues to suffer from the effects of a prolonged monetary crisis that began in 1997, and has only recently begun to stabilize as an emerging democracy after years of economic uncertainty and political upheaval.
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Indonesia is the only Asian member of the Organization of Petroleum Exporting Countries (OPEC) outside of the Middle East, and is the only OPEC member that is a net oil importer. In early 2005, Indonesian crude oil and condensate output was 1.07 million barrels per day. This is a substantial decline from the 1990s, due primarily to aging oil fields and a lack of investment in oil production equipment. In 1999, Crude and condensate output averaged 1.5 million barrels (240,000 m³) per day, and in the 1998 calendar year the oil and gas sector, including refining, contributed approximately 9% to GDP. This decline in production since the 1990s has been accompanied by a substantial increase in domestic consumption, about 5.4% per year, leading to an expected US$1.2 billion cost for importing oil in 2005.
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Indonesia has Power Distance (PDI) as its highest ranking Hofstede Dimension at 78. The high Power Distance (PDI) is indicative of a high level of inequality of power and wealth within the society. This condition is not necessarily forced upon the population, but rather accepted by the society as part of their cultural heritage. The average Power Distance for the greater Asian countries is 71.
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Indonesia currently holds proven oil reserves of 4.7 billion barrels, down 13% since 1994. Much of Indonesia's proven oil reserve base is located onshore. Central Sumatra is the country's largest oil producing province and the location of the large Duri and Minas oil fields. Other significant oil field development and production is located in accessible areas such as offshore northwestern Java, East Kalimantan, and the Natuna Sea. Indonesian crude oil varies widely in quality, with most streams having gravities in the 22o to 37 o API range. Indonesia's two main export crudes are Sumatra Light, or Minas, with a 35 o API gravity, and the heavier, 22o API Duri crude.
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Indonesia and Slovakia have successfully reached the agreement to promote economic cooperation especially in the areas of investment, trade, science and technology. The agreement was reached by the delegation of Indonesia and the delegation of Slovakia during the First Join Commission Meeting between the two countries which was held in Jakarta, June 11-12, 2007. Indonesian delegation was led by Ambassador Eddi Hariyadhi, the Director General for American and European Affairs Ministry of Foreign Affairs of the Republic of Indonesia, while Slovak delegation was led by H.E. Mr. Peter Ziga, State Secretary, Ministry of Economy Slovak Republic.
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Now, one decade later, Indonesia has moved out of crisis and into a situation in which the country once again has sufficient financial resources to address its development needs. This change has come about as a result of prudent macroeconomic policies, the most important of which has been very low budget deficits. Also, the way in which the government spends money has been transformed by the 2001 ‘big bang’ decentralization, which has resulted in over one-third of all government spending being transferred to sub-national governments by 2006. Equally important, in 2005, spiraling international oil prices caused Indonesia’s domestic fuel subsidies to run out of control, threatening the country’s hard won macroeconomic stability. Despite the political risks of major price hikes in fuel driving more general inflation, the government took the brave decision to slash fuel subsidies.
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