The Ministry of Trade (Kemendag) is actively pursuing strategic measures to boost national trade and economic growth, with a focus on strengthening commodity futures trading (PBK) through collaboration with stakeholders. Acting Head of the Commodity Futures Trading Regulatory Agency (Bappebti), Kasan, highlighted key achievements in 2023 as the foundation for PBK industry development in the current year. The government aims to take proactive, responsive, and anticipatory steps towards the national and global economy. To reinforce PBK, Kemendag established a futures exchange for crude palm oil (CPO) on October 13, 2023. This move intends to create a transparent, credible, and real-time benchmark price, reducing dependency on Malaysian and Rotterdam exchanges for determining CPO prices. Bappebti, through the Chamber of Commerce and Industry (Kadin) Indonesia, provided technical training to business entities, resulting in 34 CPO companies registering as exchange members.
In a concrete step for 2024, Bappebti, led by Kasan, is encouraging increased transaction liquidity in the CPO exchange. He urged the CPO exchange ecosystem mandated to operate both physical and futures markets to enhance performance through optimal services. Furthermore, Kasan emphasized efforts to promote the trading of pure tin and digital gold, addressing both multilateral transactions and regulatory enhancements through general provisions in the PBK sector. This comprehensive approach aims to foster positive growth within the PBK industry this year. Kasan highlighted positive indicators, pointing to a better national economic growth projection for 2024 according to Bank Indonesia (BI). The anticipated growth range of 4.5%-5.3% surpasses that of 2023, serving as a positive catalyst for the PBK industry. In summary, Kemendag, through collaborative efforts with stakeholders and strategic policies, is actively shaping the PBK landscape. The establishment of the CPO futures exchange, efforts to enhance transaction liquidity, and the focus on expanding into tin and digital gold markets underscore their commitment to a robust and flourishing PBK industry in 2024.
