Kabari99-A growing Southeast Asian powerhouse with a GDP of over US$1 trillion, Indonesia is leading the way in the ASEAN region.
It was one of the few countries to emerge from the Covid Delta variant in 2021 with its economy experiencing growth
growing by 3.7%. The economy further picked up speed in 2022, which saw 5.3% year-on-year expansion.
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There are many benefits to expanding your business to Indonesia and partnering with HSBC can help you succeed in this dynamic market.
“Indonesia’s economy has experienced impressive growth in recent years, even during the pandemic,” says Riko Tasmaya, Wholesale Banking Director HSBC Indonesia.
“With a large working-age population, strategic location, and vast natural resources,
the country offers significant potential for foreign investment and expansion. Additionally,
its focus on digitization and sustainable industries like EV battery production make it an attractive market for businesses looking to grow and innovate.
Partnering with institutions like HSBC can help navigate the dynamic and exciting opportunities in this emerging Southeast Asian powerhouse.”
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Strategic gateway to Southeast Asia
Indonesia occupies a unique geographic position. Indonesia’s top five trading partners are mainland China, the US, Japan, India and Malaysia.
It also has long-standing trade and investment relationships with Japan, Singapore, South Korea and Hong Kong. In 2021,
almost 10% of Indonesia’s exports went to Europe. It also has a key trade relationship with the UK, which sees Indonesia as an important strategic partner.
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Future-proofed for growth
Indonesia is a vital emerging economy that is taking big strides to ensure long-term growth. It is projected to become one of the world’s seven largest economies by 2030 and to enter the top five by 2050.
In 2020, it passed the Omnibus Law to strengthen the economy via increased competitiveness,
job creation and reform of its bureaucracy while easing regulations to attract more multinationals to the country.
Accelerating electric vehicle production
Indonesia is home to the world’s greatest nickel reserves and the third-largest cobalt reserves. These materials are crucial to the production of batteries for electric vehicles (EVs).
It is now pivoting from exporting these materials to producing EV batteries domestically, which will further boost its economy and attract foreign direct investment to the country.
The development of a Nickel and EVs ecosystem from upstream to downstream will also contribute towards Indonesia’s net-zero ambition.
There is a wider focus to attract investment on value-adding industries to our rich natural resources, which include renewables and agricultural.
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A growing digital economy Indonesia’s
digital economy grew from US$41 billion in 2019 to US$77 billion in 2022. Electronic transactions surged by 67% in 2022 and digital banking activity increased by 63%.
As part of this effort, the government spearheaded the One Data Initiative, a drive to digitize governmental processes to create more efficient,
secure and interconnected data flows between departments.
This will help to better coordinate national efforts to develop the economy17 and give businesses the confidence to move their operations to the country and more.