JAKARTA (ANN/JAKARTA POST) – Indonesia’s Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan is advocating for Bali as an alternative hub for affluent individuals to manage their family’s business affairs, pitting it against Hong Kong and Singapore.
The number of Singapore-registered family offices, which manage tens of billions of dollars in private wealth, has surged from 50 in 2018 to 1,100 by the end of 2022, according to the Monetary Authority of Singapore.
Most of these family offices were established during the pandemic, prompting increased scrutiny from local authorities. Minister Luhut aims to report the results of these discussions to President Joko “Jokowi” Widodo by June.
If successful, investors have requested that Bali serve as a hub linking Singapore, Hong Kong, and Dubai. Luhut has highlighted Bali’s advantages, including good hospitals and legal provisions.
Additionally, Bali’s development as a globally renowned tourism hub has prompted discussions on diversifying investments, including in sectors such as seaweed cultivation and carbon capture, amidst concerns about the impact of tourism on the island’s agricultural land.
