Indonesia’s plan for a Singapore rival starts to take shape

Indonesia has passed legislation to establish a new financial center intended to compete with global hubs like Singapore, Hong Kong, and Dubai. This move, a milestone for President Prabowo Subianto's administration, aims to attract foreign capital and boost economic growth to 8% by 2029. While the legal framework is now in place, analysts note that significant work remains to convince global investors. Crucial details regarding tax incentives, investor criteria, and regulatory protections are still under development. Observers caution that the projected billions in investment are unlikely to yield immediate results, as the center's full implementation will take time.