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Executive Report on Strategies in Indonesia
ICON Group International, June 2007, Pages: 392
How to Strategically Evaluate Indonesia
Perhaps the most efficient way of evaluating Indonesia is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Indonesia
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Indonesia. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Indonesia:
Openness to Trade in Indonesia
Openness to Direct Investment in Indonesia
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Indonesia. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Indonesia over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Indonesia when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Indonesia as an area of dominant influence in Asia and, potentially, the world.
The report concludes with trade indicators for Indonesia. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Indonesia.
As a whole, this report presents a strategic assessment of Indonesia by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN INDONESIA
Infrastructure Development
Transportation
By Air
Indonesia has 93 airports managed by PT Angkasa Pura I (PAP I), PT Angkasa Pura II (PAP II), and the Directorate General of Air Communication (DGAC) at the Ministry of Communication. in addition, DGAC also manages more than 200 hundred airstrips in remote areas throughout the country.
By Sea
At present, Indonesia has approximately 2,100 ports, of which 140 are open for international shipping and the rest for local shipping. None of the 140 seaports is a deepwater port capable of accommodating mother vessels with capacities of at least 4,000 Twenty Feet Equivalent Units (TEUs) of containers. As a result, about 75 percent of Indonesia’s shipments must pass through either Singaporean or Malaysian ports to be loaded onto larger ships, causing Indonesian exporters to lose approximately $700 million annually in foreign exchange revenue.
Power
Only 60.5 percent of the population on the islands of Java and Bali have electricity, and only 44.6 percent in other regions of Indonesia. The average energy consumption is 375 kWh/capita.
Information and Communication Technology
Internet Access
Only one percent of Indonesians have Internet access, mostly at large companies, some Government agencies and universities, as well as the Internet cafes in cities throughout Indonesia. The high cost of computers and Internet connections have limited subscribership. in addition, the Ministry of Transportation and Communications has not provided adequate regulation to protect private Internet service providers from unfair competition by the state telecommunications monopoly, PT. Telkom. The regulator’s issuance of Voice Over Internet Protocol licenses in 2001 tended to protect the interests of PT. Telkom and its lack of transparency in licensing matters. Indonesia lacks an Independent Regulatory Body (IRB) to arbitrate commercial disputes and protect public interests. The government through the Ministry of Post and Telecommunications has set up the legal framework to establish an (IRB) in order to regulate the country’s telecommunication industry. However, the selection of IRB’s members is still in the process.
Broadband
Indonesia has a fairly liberal regulatory regime for broadband, but the industry remains in its preliminary stages of development due to limited computer ownership, Indonesia’s geography, high equipment costs and a shortage of skilled technicians. Nonetheless, industry experts say licensing procedures do not represent a problem for new businesses, and limited pockets of broadband already exist in many cities throughout Indonesia, including Jakarta, Surabaya and Bandung on the island of Java and Kuta, Bali. There are five major companies providing services and industry observers predict continued high growth. Broadband is regulated by the Ministry of Transportation and Communication. There is no license requirement for operating 2.4 Ghz bandwidth services, however, registration is required and operators are charged an annual fee of USD 240 for each tower erected.
E-Commerce
The growth of e-commerce has been limited due to the small number of privately- owned computers, and the lack of cyber laws to regulate and protect the industry. Indonesia has high rates of credit card fraud, and combating this type of cybercrime has been constrained by the lack of resources, including manpower, equipment and funding. The Ministry of Communication and Information has made e-commerce and e-government the focus of its activity, but there has been only sporadic coordination and cooperation among Government agencies and between Government and businesses.
Political Risks
Economic Relationship with the United States
The United States and Indonesia have enjoyed good relations in recent decades. The fourth most populous nation in the world and the largest by far in Southeast Asia, Indonesia has pursued cooperative relations with its neighbors, thereby contributing to peace and stability in the region. Through its membership in the Non-Aligned Movement, the Organization of Islamic Conference (OIC), the Association of Southeast Asian Nations (ASEAN), the ASEAN Regional Forum, and the Asia-Pacific Economic Cooperation (APEC) forum, Indonesia can wield substantial influence on a number of security and economic issues of importance to U.S. interests. Since Soeharto’s fall, Indonesia has played a limited leadership role with a view more to regional consensus than consistency with U.S. positions. On the bilateral economic front, the United States is the single largest investor in Indonesia, when natural resources and financial services are taken into account, and is a major market for Indonesia’s exports.
The United States also assumed a leading role in the international community’s response to the economic crisis that struck Indonesia four years ago. Working with international financial institutions, the U.S. contributed to Indonesian efforts to implement needed financial reforms and doubled its own economic assistance in support of social safety net programs designed to cushion the impact of the economic downturn on poorer Indonesians. Thanks in part to long-standing relationships with Indonesian non-governmental organizations, the U.S. was well placed to provide substantial technical and financial assistance to support Indonesia’s June 1999 parliamentary balloting, the country’s first free elections in over four decades, and to contribute to the country’s democratic transition.
Promoting respect for human rights and strengthening democratic institutions, particularly the justice sector and the rule of law, are prominent features of U.S. policy toward Indonesia. President Megawati has taken some steps to promote respect for human rights. Human rights advocates were pleased when she decreed that longstanding human rights cases predating East Timor’s independence, as well as the 1984 shooting of unarmed civilians at Tandjung Priok, be heard in an ad hoc human rights tribunal. The ad hoc tribunal for East Timor, however, proved a largely ineffective arbiter of justice.
The media now report developments freely and routinely publish a wide range of opinion on sensitive issues. The Government has allowed new political and social organizations to form freely, and promulgated new labor union registration regulations that have permitted more than two dozen new labor unions to form. Human rights concerns, however, remain, especially as these relate to the security forces, which have been implicated in serious abuses in Aceh, East Timor, and elsewhere. Inter-communal strife, often with religious overtones, also has flared up in some areas, such as Maluku, Central Sulawesi, and West and Central Kalimantan.
The United States strongly supported Indonesia’s decision to permit the people of East Timor to determine their own future. East Timor voted for independence from Indonesia on August 30, 1999. Following efforts by the United Nations’ Transitional Administration in East Timor (UNTAET) to assist in the creation of a new East Timorese Government, East Timor became a sovereign country on May 20, 2002.
Major Political Issues Affecting the Business Climate
The Megawati Government faces great challenges in consolidating Indonesia’s democratic transition, restoring the country’s economic momentum, and in bringing the benefits of development to all Indonesia’s citizens. Among the key political issues with economic implications are periodic outbreaks of communal violence around the country, particularly in the Malukus and Kalimantan (Borneo); an armed separatist insurgency in Aceh and demands for greater autonomy or independence in Papua/Irian Jaya; and a rising level of lawlessness and vigilante justice throughout the country.
Continuing allegations of high-level corruption, especially in the judiciary, point to the need for comprehensive reform and implementation of good governance practices. in this regard, far more effective mechanisms will be required to enforce commercial, criminal, and administrative laws.
Marketing Products and Services
Distribution Channel Options
As a provision of the letter of intent that the Indonesian Government signed with the International Monetary Fund (IMF) to revive the GOI economy following the crisis of the late 1990’s, the Government opened the retail industry to foreign investment in 1998. Foreign firms are now allowed to operate retail outlets in most major urban areas, although some restrictions remain in the regencies. in addition, many foreign firms use franchising, licensing, and technical service agreements to distribute their goods.
Indonesia also lifted many restrictions on foreign participation in wholesale distribution services. Under Government regulations No. 15/1998 and No.16/1998, foreign companies may distribute both locally produced and imported goods at the wholesale level. These foreign companies may also conduct retail operations, but in order to do so, they must form a separate retail company.
Agents and Distributors
Foreign companies wishing to sell their products in Indonesia are required to appoint an Indonesian agent or distributor pursuant to Government Regulation No. 36/1977. While registration of an Indonesian agent or distributor with the Directorate of Business Development and Company Registration at the Department of Industry and Trade is still voluntary, an agent or distributor wishing to participate in Government procurements should register and obtain a license from the Department of Industry and Trade.
Since 1980, in order to spur the development of indigenous enterprises, particularly new, small, economically weak enterprises, the Government began requiring the state-owned oil-company, Pertamina, and other Government agencies to deal through Indonesian agents when purchasing imported goods or services. The Government also began to pressure foreign firms into dealing through an Indonesian agent, rather than third-country middlemen. The predilection of some foreigners for regional representatives, often based in Singapore, rather than Indonesian-based representatives, is particularly unwelcome by the government although it is not prohibited by law. For these reasons, a foreign firm selling to Government agencies would do well to appoint an Indonesian firm as its agent.
Appointment of an Indonesian agent (or distributor) requires care, since it is difficult to get out of a bad relationship. Indonesian law allows the severance of an agency agreement only by mutual consent or if a clause permitting the severance is contained in the original agency agreement. A trial agency period of at least six months is generally written into agency contracts. As in many countries, the Indonesian’s network of contacts and personal power dictates what it costs to buy oneself out of a bad agency agreement.
The services of an aggressive, active Indonesian agent or distributor can be an important means of expanding sales in Indonesia because they know the cultural minefields and systemic processes that foreigners would need years to begin to master.
Many Indonesian importers do not specialize in particular product lines, and represent multiple foreign manufacturers and product lines. Generally, however, large conglomerates establish discrete company units that tend to specialize around a product range. Medium and smaller importers tend to specialize in a narrow range of goods, but are not averse to adding a completely different product line if a profit can be foreseen.
It is generally advisable to set up agency arrangements with firms that handle a complementary range of products. These are not essential, however, since substantial sales can often be made by firms active in quite different product lines. An increasing number of firms identifying themselves as suppliers of “technical goods” concentrate on general industrial machinery and equipment. These firms often have engineers on their staff and are prepared to provide engineering assistance and after-sales technical support.
In many cases, foreign companies have established close connections with Indonesian importers, allowing the two companies to function as one. The Indonesian company acts as the importer and distributor, and the foreign company promotes its products, sometimes seconding expatriate staff as employees to its Indonesian distributor/partner. A more active role for the foreign firm can be arranged through a management contract, which can take many forms.
Foreign principals often work out a management agreement that allows the foreign company in Indonesia to play a more active role in the marketing efforts of its Indonesian agent or distributor. in many cases, a separate agreement is signed between the expatriate personnel and the foreign employer to regulate this relationship. The tax liability of the foreign firm is limited to the income of the expatriates assigned to the representative office, while any other taxes are assessed to, and borne by, the agent.
Management Agreements
Types of management agreements include:
Technical assistance agreements
Management agreements
Management agreements coupled with financial agreements
The technical assistance agreement limits the foreign firm’s function to providing technical assistance to the Indonesian company. The management agreement allows the foreign firm to manage the company or a division within the company. in the management agreement coupled with a financial agreement, the foreign firm also finances the Indonesian operation, either under the name of the Indonesian company or a division thereof. Remuneration to the foreign company can be in one of the following forms: (1) fixed fee; (2) commission; or (3) profit-sharing. Whatever basis is used for remuneration, it must be formulated clearly in the agreement, and it must comply with current Indonesian laws. to protect the foreign company’s interests properly, a bona fide and comprehensive agreement should be drawn between the parties concerned.
Franchising Activities
The entry of U.S. firms into Indonesia’s franchise industry largely ground to a halt due to the 1997 economic crisis in Indonesia. The depreciated and fluctuating rupiah made it difficult to pay franchise royalties in foreign exchange. The Indonesian franchise industry, however, began to recover in late 1999 with the entry of a number of new foreign franchisers. At present, there are approximately 232 foreign and 48 local franchisers operating in Indonesia covering a wide range of franchise sectors. American franchisers dominate the Indonesian market.
Franchises facilitate the transfer of know-how and managerial expertise to the franchisee companies while simultaneously allowing the franchiser to quickly establish a presence in the country. Under a typical franchising agreement, the franchiser receives royalties and fees as stipulated in the contract. in exchange, the franchisee has the right to use (and manufacture) copyrighted, patented or service-marked materials identifying the enterprise. The franchiser typically provides training and organizational guidance in return for a guarantee that the franchisee will follow these operational directions.
With the release of the Government Regulation No.16 of 1997, dated June 18, 1997, the Indonesian franchise industry had--for the first time--a foundation in Indonesian law. This regulation, which was complemented by the issuance of a Decree of the Ministry of Industry and Trade No.259/MPP/Kep/7/1997, was designed to promote an orderly climate for franchise businesses as well as to provide guidance and protection for both franchisers and franchisees.
The regulation, which contains a description of the franchiser - franchisee relationship, states that a franchise agreement between a franchiser and a franchisee must be written in Indonesian and be subject to Indonesian law. The GOI has limited the operation of large franchise businesses to provincial capitals. Only small and medium-scale enterprises, or licensed non-small-scale entrepreneurs, may operate franchise businesses in smaller cities or rural areas. This regulation was designed to insulate indigenous small and medium-size companies against competition from foreign franchisers, and to encourage local companies to develop their own franchise concepts.
The regulation obligates every franchise business to obtain a registration certificate, namely the STPUW (Surat Tanda Pendaftaran Usaha Waralaba or Franchise Business Registration Certificate), from the Ministry of Industry and Trade. The registration should be made at least 30 working days from the date the franchising agreement, which shall be valid for at least five years, takes effect. The regulation further stipulates that priority should be given to the use of domestic goods and / or products as long as they meet the required quality standards.
For more information on franchising regulations in Indonesia, please contact:
Mr. Tarigan
Head of Business Development
Directorate of Distribution and Market Development
Directorate General for Domestic Trade
Ministry of Industry and Trade
Jl. M.I. Ridwan Rais No. 5
Jakarta 10110
Tel: (62-21) 385-8183
Fax: (62-21) 385-7338
Direct Marketing Options
Direct marketing is used in Indonesia to sell many kinds of products, from insurance to sewing machines. Companies such as Avon and Amway have built up large businesses by direct marketing through local distributors. Independent Indonesian companies have copied their methods with success.
Joint Ventures and Licensing Options
Since 1994, the Government has removed most requirements for domestic equity and joint ventures. However, foreign investors who opt for 100 percent initial ownership are obligated to divest to Indonesians at least some share - even as little as one percent - after 15 years. This can be accomplished through the stock market. in 2001, the President issued a decree regulating joint ventures for small- and medium-sized companies.
As a practical matter, a local joint venture partner is often essential for success in this market, for the same reason that an active Indonesian agent or distributor has advantages over a foreign trade representative office. The choice of an Indonesian joint venture partner is critical for many reasons, especially for knowledge of the local scene and contacts, which are important for successful operations in Indonesia. A few experienced firms provide background, credit-type reports on Indonesian entrepreneurs and firms.
A partnership in Indonesia is difficult to dissolve. Consequently, the first choice has to be the right choice. Business sense is as crucial to any commercial endeavor in Indonesia as it is anywhere else; “contacts” alone, while important in Indonesia, cannot substitute for business skills in an Indonesian partner.
Because Indonesians place great importance on personal relationships and mutual understanding, partnerships tend to be based primarily on genuine accord, with the written contract playing a less significant role. It is therefore important that any agreement be well understood by both sides. A contract over which there are conflicting interpretations is certain to cause future problems. in any case, a soundly written legal agreement is strongly encouraged, despite the weakness of the Indonesian l egal system to enforce such contracts.
In some cases, licensing arrangements for products/services are more cost-effective options for U.S. companies doing business in Indonesia, but firms should apply the same cautions recommended for joint venture partners.
Creating a Sales Office
The Indonesian Investment Coordinating Board (BKPM) attempts to operate as a one-stop shop for investors. Recent reforms have reduced the paperwork process and delays in applying for the necessary government permits for foreign investments in Indonesia. A business permit issued by the appropriate Government agency is required to establish an office in Indonesia. Depending on the nature of the business, several Government agencies may be involved in issuing a business permit.
To open a foreign representative office in Indonesia, the firm must appoint a representative, who may be either an Indonesian national or an expatriate. A foreign representative office in Indonesia is actually more of a liaison office. According to Indonesian law, a representative office is restricted in the types of activities that it can pursue. For example, these offices are restricted from signing sales contracts, collecting payments, and participating in other related business activities. Prior to opening an office, however, the firm must establish itself as a legal entity by registering with the proper Indonesian Government authorities. The process is as follows:
A letter of intent and a letter of appointment [indicating the appointed representative], both from company headquarters and on official letterhead, must be sent to the Indonesian Embassy or an Indonesian Consulate for notarization. A letter of reference from the embassy or consulate is also required.
The notarized letter of intent, the notarized letter of appointment, and the letter of reference, along with the resume of the appointed company representative and his or her Indonesian work permit (KIMS Card) must to be submitted. If the appointed company representative is an Indonesian citizen, a copy of his/her Personal Identity Card (KTP) needs to be submitted instead. Documents are submitted to:
Mr. Deddy Saleh
Director
Directorate of Business Development and Company Registration
Directorate General of Domestic Trade
Ministry of Trade and Industry
Jl. M.I. Ridwan Rais 5
Jakarta 10110
Tel: (62-21) 385-8188
Fax: (62-21) 385-8188
Regional representative offices, classified as serving two or more other ASEAN nations, can also be established in Indonesia. The regional representative office is limited to more of a liaison role and is restricted from participating in many business transactions. Interested firms should contact the Capital Investment Coordinating Board (BKPM) for registration information:
Mr. Theo Toemion
Chairman
Capital Investment Coordinating Board (BKPM)
Jl. Jendral Gatot Subroto 44
Jakarta 12190
Tel: (62-21) 525-0023
Fax: (62-21) 522-7607
Representative offices that are involved in construction, engineering, or related consulting are required to register with the Ministry of Public Works. Foreign representative offices in these fields, in conjunction with Indonesian companies, are allowed to seek project opportunities, submit proposals, participate in tenders, and oversee projects at all levels. Foreign engineering firms with representative offices can participate in government projects. For registration information, interested firms should contact the Ministry of Public Works.
Mr. E. Heriyanto
Secretary for the Minister of Settlement and Regional Infrastructure
Jl. Patimura No. 20
Jakarta Selatan
Tel: (62-21) 726-2805
Fax: (62-21) 726-0769
E-mail: Herya70@yahoo.com
Many foreign firms opt to have local consulting firms or their Indonesian representatives take care of the registration process. The application process time varies from two to four weeks. Representative offices are also required to submit reports of business transactions and employee information on an annual basis to the Department or Ministry with which it is registered.
Selling Strategies
Indonesian consumers, particularly from middle and lower-income groups, are sensitive both to price and to general economic trends (for example, interest rates). Thus, importers of U.S. goods and services here pay closer attention to pricing than to product quality and promptness in delivery, when making purchasing decisions. They will seek low-interest financing, particularly in the coming year.
Other key success factors for doing business in Indonesia are patience and presence. Companies that have made a commitment to the country by establishing an office, or some other significant presence, will be more successful in marketing their products than those that attempt to sell their product on annual whirlwind trips. Brand loyalty and name recognition are highly valued by the Indonesian consumer.
To summarize, foreign interests can engage in business in Indonesia in the following ways:
Appointing agents and/or distributors,
Setting up a representative office,
Entering into technical assistance or licensing agreements,
Forming joint venture operations,
Establishing a 100 percent foreign-owned subsidiary.
A joint venture production operation can be a good option for products that have sales potential in both the domestic market and as exports.
Press Contacts
Personal contacts are important in Indonesia, and businesses should foster open communication with the press. The Embassy’s Public Affairs Section (PAS) is available to help identify valuable local media contacts. PAS can give guidance to company representatives working with Indonesian media for maximum commercial advantage. The primary point of contact for Indonesian, American or third-country journalists seeking information is the Press Attache. Whenever possible, please consult the Press Attache in advance about all substantive media contacts, and otherwise notify them about requests for interviews, briefings or information on matters of policy. Please contact the Press Attache or the Public Affairs Counselor at the Embassy for further information. For information on industry publications for specific sectors, please contact CS Jakarta at Jakarta.Office.Box@mail.doc.gov.
Advertising Options
Advertising in local media and newspapers is recommended for introducing new products, particularly in areas of purchasing power concentration, such as Jakarta and West Java.
A listing of the major and recommended newspapers and business journals (in the Indonesian language, except where noted) follow below. Website addresses are provided when available.
Newspapers (Dailies)
Kompas (www.kompas.com)
Bisnis Indonesia (www.bisnis.com)
Media Indonesia (www.mediaindo.co.id & www.media-indonesia.com)
Tempo (www.tempo.co.id)
Harian Ekonomi Neraca
Suara Pembaruan (www.suarapembaruan.com)
Republika (www.republika.co.id)
Jakarta Post (English) (www.thejakartapost.com)
The Asian Wall Street Journal (English) (www.awsj.com)
International Herald Tribune (English) (www.iht.com)
News Magazines
Gatra (Weekly)
Tempo (Weekly, Indonesian and English)
Warta Ekonomi (Twice a week)
Business Journals
Business News (Twice a week, English or Indonesian)
Eksekutif (Monthly)
Indocommercial (Monthly, English and Indonesian) (www.cic.co.id)
Indochemical (Monthly, English and Indonesian) (www.cic.co.id)
Indonesian Commercial Newsletter (Monthly, English and Indonesian) (www.datacon.co.id/icn.htm)
Info Bank (Monthly)
Info Bisnis (Monthly)
Kontan (Weekly)
Prospektif (Weekly)
Indonesian Business (Monthly)
Swasembada (Monthly)
Capital (Monthly - Indonesian/English)
Direct Mail
In most cases, direct mail advertising is efficient and effective, if the mailing lists are properly prepared and updated. Local advertising agencies can also assist in arranging films, slides, and posters and signboards for bus exteriors, bus stop shelters, and bridges.
Television
Television has so far been the best medium for national coverage and the one that reaches the most consumers. Television advertising has grown rapidly and surpassed newspaper advertising in dollars spent since 1992. Indonesia has ten commercial television stations (RCTI, SCTV, TPI, Indosiar, Anteve, Metro TV, Trans TV, TV-7, Lativi and Global TV) and one state-owned station (TVRI). RCTI, SCTV, and Indosiar are the most popular stations and are available in most Indonesia’s major cities. The potential viewership is approximately 150 million people.
Another advertising medium is the “Standard Trade and Industry Directory of Indonesia,” an official publication of t
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