What economic growth target does Indonesia aim to achieve by 2029?

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Indonesia Targets 8 Per Cent Economic Growth by 2029

Indonesia is setting an ambitious goal to elevate its economic growth rate to 8 per cent by the year 2029, a significant increase from its current standing of approximately 5 per cent. This strategic objective is a key component of President Prabowo Subianto's broader agenda to attract substantial investment into the nation.
Bali as a Potential International Financial Hub

A central pillar of this economic strategy involves transforming the popular tourist destination of Bali into an international financial centre. Senior adviser Luhut Pandjaitan has been actively promoting Bali as a secure location for global investors seeking alternatives amidst ongoing geopolitical uncertainties, particularly citing interest from those wishing to relocate assets away from volatile regions.
Addressing Investor Confidence

To bolster investor confidence and compete with established financial hubs like Singapore and Hong Kong, Indonesia acknowledges the necessity of enhancing transparency and combating corruption. Luhut has stressed that these improvements are crucial for building the trust and credibility required to attract and retain international capital.
Legislative and Legal Frameworks

Legislation has recently been passed by the Indonesian parliament to facilitate the establishment of this financial centre, with further details on its specific location and incentive packages anticipated from the government soon. The proposed hub may operate under international commercial law, drawing parallels to Hong Kong's legal structure, which Luhut described as akin to a "one country, two systems" approach.

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What economic growth target does Indonesia aim to achieve by 2029?

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