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Business

Bali financial hub plan a survival move, says top Indonesian official

A top Indonesian economic official has described plans to turn the resort island of Bali into an international financial centre as a matter of survival. Luhut Pandjaitan, a special adviser to President Prabowo Subianto and the country's economic tsar, said Bali has a unique 'aura' that could be harnessed to attract global finance. He shared an anecdote about a friend who sent him a photograph of kamikaze drones lighting up the sky over Abu Dhabi, accompanied by a plea for help to escape. The image, he said, underscores the urgency of creating a safe and stable financial hub. Indonesia is seeking to diversify its economy beyond tourism and natural resources. The plan aims to leverage Bali's global appeal to draw investment and talent, positioning the island as a rival to established financial centers. Luhut emphasized that the initiative is not just about economic growth but about securing the country's future. The government has not yet revealed a timeline or specific policies for the project. Critics question whether Bali's infrastructure and regulatory environment can support such a transformation. However, officials remain confident that the island's reputation and strategic location will make the plan a success.

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