The International Business Confidence Index (BCI) 2024 survey, conducted by the British Chamber of Commerce in Indonesia (BritCham), has highlighted Indonesia’s positive trajectory as an investment destination.
Ian Betts, Secretary of BritCham Indonesia, said that in the 9th edition of the BCI survey, Indonesia was viewed positively due to its alignment with investment trends and orientations from the UK, focusing on the 3Ds: digitalization, decarbonization and defense.
“This year marks the highest business confidence growth for Indonesia compared to the years 2015 to 2020,” Ian said on Monday, April 29, 2024.
The BCI 2024 survey also depicts that 52 percent of business players are considering additional investments in Indonesia over the next two years.
Furthermore, the survey reveals that most business expansion hotspots are located outside of Java, including Bali, Kalimantan, and Sumatra.
Additionally, the public sector is expected to adopt stronger and better practices in consultation, business engagement, and regulatory policy changes.
Lastly, the business community is advised to accelerate digital adoption and enhance digital services, considering the widespread positive impact of 81 percent from digital business transformation.
BritCham Indonesia Chairman Rino Donosepoetro emphasized that the government’s prudent decisions, coupled with confidence in Indonesia’s economic resilience in the medium term, are key for investors.
“Despite some indicators possibly experiencing declines, the results are sufficient to serve and stimulate more trade and investment interest, especially from the UK,” Rino said.
Looking ahead, Rino affirmed that BritCham Indonesia is always ready to collaborate and work with other chambers in Indonesia. CEO of BritCham Indonesia, Chris Wren, said that the overall positive results provide a perfect backdrop for celebrating the 75th anniversary of UK-Indonesia trade relations.
BritCham believes that insights gained from the BCI results and presentations will equip investors and businesses with invaluable knowledge, empowering them to pursue their agendas confidently in Indonesia’s dynamic market landscape.
For reference, the annual BCI 2024 survey is designed and managed by BritCham, supported by BP Indonesia, British School Jakarta (BSJ), Bumi Laut Group, CastleAsia, Institute of Chartered Accountants in England and Wales (ICAEW), Inke Maris & Associates, London School of Public Relations (LSPR), Solusi Mulia, and Oval Partnerships.
BritCham presents its findings to the Indonesia Investment Coordinating Board (BKPM) and will be used to lobby for reforms and promote Indonesia as an investment destination.
Overall, the BCI serves as a series of economic and government performance snapshots reflecting the overall business confidence in revenue, employee count, profits, and future investments.
Deputy for Investment Cooperation at BKPM, Riyatno, stressed the importance of maintaining stable growth post-Covid-19 pandemic.
From the government’s perspective, Riyanto assured their capability to further support future investments in Indonesia, particularly in supporting digital transformation, economic authorization, and cross-sector consultations.
“We are delighted to provide end-to-end services for investors doing business in Indonesia, and we will amend job creation laws on several regulations and trade issues to improve legal certainty, recognize regional policies, and overall streamline regulations,” he said.
