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Indonesia pushes for Bali to become international financial hub
Bali newsBali9 min read
Indonesia is actively pursuing the transformation of Bali into an international financial center, a move described as a "matter of survival" by Luhut Pandjaitan, President Prabowo Subianto’s special adviser and economic tsar. Pandjaitan highlighted Bali's peaceful environment as an attractive alternative for investors seeking stability amidst global conflicts, citing a friend's desire to relocate assets from Abu Dhabi due to Middle East turmoil. Speaking at the Nusa Dua Forum on July 17, Pandjaitan, who is also chairman of Indonesia’s National Economic Council, addressed recent investor withdrawals from Indonesia, pledging increased transparency and efforts to combat corruption to build trust. Parliament passed legislation for the financial center just 20 days after initial discussions, with the center potentially operational as early as next month. It will operate under international commercial law, similar to a "one country, two systems" model, aiming to enhance Indonesia's credibility. Pandjaitan dismissed skepticism about Indonesia's ability to compete with established financial hubs, noting that investors, including Ray Dalio and the Porsche family, appreciate Bali's "aura." He also expressed optimism about Indonesia's economic growth, aiming for 8 percent by 2029, supported by digitalization and a skilled workforce. Despite challenges like the budget for Prabowo’s free meals program being cut and concerns from global index provider MSCI, Pandjaitan remains confident in
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