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View all search resultsBali financial hub plan sparks crowding concerns
Bali is seen as a possible location for the planned Indonesia International Financial Center (PFII), but can the resort island benefit from the development without becoming overburdened?
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Beach walk: Tourists walk on April 8, along Kuta beach near Denpasar, Bali. (AFP/Sonny Tumbelaka)
B
ali has emerged as one of the possible locations for the planned Indonesia International Financial Center (PFII), but there are growing concerns whether the resort island can benefit from the development without becoming overburdened.
Government officials have pointed to Bali and Jakarta as potential locations after the House of Representatives passed the bill to establish the financial center on July 21, paving the way for a project the government hopes will draw between Rp 300 trillion (US$16.6 billion) and Rp 500 trillion in funds from international investors.
Read also: Govt banks on Rp 500t inflows to international financial center
“It will be announced once everything is ready. The [key] consideration is which of these is the low-hanging fruit, the one that we could build faster,” said Coordinating Economy Minister Airlangga Hartarto on July 23, as quoted by news agency Antara.
Investment Minister Rosan Roeslani, who is also the CEO of state asset fund Danantara, said on the same day that the plan was to ultimately develop the PFII in Bali.
However, he noted a “transition period" of two to three years would be needed for the international financial center to become fully operational, during which the financial center would first be established in Jakarta before expanding to the designated location.
For the initial phase, the government has prepared an office building in Jakarta as a temporary operational base, with Danantara acting as the regional developer.
