Global Markets
Home›Global Markets›Asia›Indonesia pitches Bali as international financial cent…
Indonesia pitches Bali as international financial centre amid regional risk
Indonesia’s economic tsar said he expects Middle East conflict risks to persist beyond the next year, prompting interest in moving assets to Bali.
Indonesia is trying to transform Bali, a famed resort island, into an international financial centre, according to remarks by Luhut Pandjaitan, a special adviser to President Prabowo Subianto and chairman of the country’s National Economic Council, speaking in Bali on July 17 at the Nusa Dua Forum.
Panjaitan said he is making the case to international investors by pointing to examples of asset moves spurred by ongoing conflict risk, including a photograph of kamikaze drones over Abu Dhabi sent by a friend with a plea to help them move assets and relocate to Bali.
He argued that the Middle East conflict is unlikely to end next month or next year, describing that uncertainty as part of the backdrop for Southeast Asia’s broader economic concerns, including confidence issues affecting Indonesia this year, The outlet said SCMP Economy reported on the remarks.
The account highlighted Pandjaitan’s push for Bali’s financial hub ambitions while addressing the regional risk environment driving interest in alternative locations.