10 May 2022 (closed)
Jakarta Composite Index (6,819.79) -89.96 -1.30%
USD/IDR (14,146) -6.00 -0.04%
EUR/IDR (17,335) +57.05 +0.33%
Although Indonesia's benchmark stock index (known as the Jakarta Composite Index or IHSG) fell immediately after its opening on Monday (28/04), the index is expected to strengthen this week as Joko 'Jokowi' Widodo will announce his running mate for the 2014 presidential election. Jokowi is the presidential nominee of the PDI-P party (the largest opposition party in the Indonesian parliament), which won the legislative election in April 2014 by securing about 19 percent of the popular vote.
The running mate of Jokowi is expected to be announced early this week, or perhaps even today (28/04). According to local media, one of the major candidates for this position is former vice-president Jusuf Kalla. Kalla (71 years of age) has been active in Indonesian politics since the mid-1980s. Between 2004 and 2009, he was vice-president in Susilo Bambang Yudhoyono's first government period as well as Chairman of the Golkar party (which came out second in the 2014 legislative election). In the 2009 presidential election, Kalla himself ran for presidency (partnered with former army general Wiranto) but lost to Yudhoyono. In the 1960s and 70s, Kalla managed to develop a large business empire on Sulawesi; this business empire still exists today. Therefore, he contains ample experience in both politics and economics. However, many believe that a vice-president should have a younger age.
Similar to Jokowi, Kalla can rely on wide-spread support across Indonesia but particularly in the eastern region of Southeast Asia's largest economy as he was born on Sulawesi. As such, they would make a solid pair because Jokowi - born in Central Java - can rely on support on Java, Indonesia's most populous island (racial background is still an important element in Indonesian elections).
Other possible vice-presidential candidates that have been mentioned in Indonesian media to complement Jokowi are Ryamizard Ryacudu (former army Chief of Staff), Mohammad Mahfud MD (former Constitutional Court Chief Justice), Moeldoko (Armed Forces Chief General) as well as Hatta Rajasa (Coordinating Minister for Economic Affairs).
Indonesian political parties needed to win at least 25 percent of the vote or 20 percent of seats in the 560-seat House of Representatives (DPR) to nominate a presidential and vice-presidential candidate.As the winner of the 2014 election (PDI-P) only secured roughly 19 percent of the vote, it needs to form an alliance with one or more other political parties in order to meet the threshold. The PDI-P is expected to form an alliance with Surya Paloh's NasDem, which won about 7 percent of the vote, in order to be able to nominate Jokowi and his running mate.
• Analysis of Quick Count Results of the Indonesian Legislative Election 2014
• Can Joko Widodo Accelerate the Democratization Process in Indonesia?
• The Jokowi Effect: Indonesia's Financial Markets Gain on Political Certainty
• An Overview of Indonesia's Reformation Period
• Politics of Indonesia