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Government officials voice concerns over planned Bali financial hub
Bali newsBali7 min read
Bali is being considered as a location for the planned Indonesia International Financial Centre PFII, but government officials are concerned about potential burdens on the resort island. Jakarta is also a possible location. The House of Representatives passed a bill on July 21 to establish the financial center, aiming to attract 300 trillion to 500 trillion rupiah US$16.6 billion from international investors. Coordinating Economy Minister Airlangga Hartarto stated on July 23 that the key consideration is which location can be developed faster. Investment Minister Rosan Roeslani indicated on the same day that Bali is the ultimate plan for the PFII, but a two to three-year transition period is expected. During this period, the financial center would initially be established in Jakarta, with an office building prepared as a temporary operational base. Danantara, a state asset fund, will act as the regional developer. Rosan reported positive responses from 11 investors in Bali regarding the future financial center. The government has aimed to turn Bali into an international financial hub since last year, with Airlangga reiterating Bali as a possible location during a May visit to the Kura Kura Special Economic Zone in Sanur.
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