Indonesia wants to build a financial centre to rival Singapore, Hong Kong or Dubai, but analysts say the real work of persuading global investors has barely begun.
Parliament’s passage of the enabling legislation on Tuesday laid the legal foundation for the hub, marking a milestone in President Prabowo Subianto’s push to attract more foreign capital into Southeast Asia’s largest economy and lift growth towards 8 per cent by the end of his term in 2029.
Yet observers caution that the centre, which is projected to attract billions of US dollars in investment, is unlikely to deliver an overnight transformation, as crucial details surrounding tax incentives, investor requirements and regulatory safeguards are still to be finalised.
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