Jakarta – Grant Thornton Indonesia in its report Unraveling Indonesia Prospects in 2024 stated that there are five provinces that will be the center of attention in 2024. The five provinces include North Maluku, Central Sulawesi, East Kalimantan, West Java and Riau.

Grant Thornton Indonesia CEO Johanna Gani said that each province has a unique and promising economic landscape, and offers a variety of investment opportunities in the country.

Joanna added that this report also provides an in-depth picture of economic conditions amidst global uncertainty and highlights the promising investment potential in the five leading provinces above.

"Even though President Joko Widodo's change of leadership has created a wait-and-see attitude among some investors, Indonesia is still able to attract the interest of foreign investors. "Government infrastructure projects, development of the Indonesian Capital City (IKN) and consistent business-friendly policies," said Johanna in a press conference, Wednesday 27 March 2024.

In the report, North Maluku was named as the province with the largest investment interest. The reason is, North Maluku is the largest nickel producer in Indonesia.

North Maluku also recorded the fastest growth in Indonesia boasting gross domestic product (GDP) growth of 20.5 percent in 2023 driven by the nickel industry.

“Investment in nickel mining and related manufacturing offers access to a rapidly growing market driven by global EV (electric vehicle) demand. Coupled with green initiatives, the market also offers a long-term sustainability commitment,” he explained.

Then, Central Sulawesi is also another source of nickel. As the highest recipient of FDI in Indonesia, Central Sulawesi offers attractive opportunities for sustainable growth for investors seeking exposure to Indonesia's dynamic nickel landscape.

East Kalimantan, is said to be a province that can offer double profits for investors in 2024. Its economy is strong, driven by mining, manufacturing and natural resources.

"Now, transformational IKN projects add unprecedented potential, attracting investment in infrastructure, environmentally friendly technology and others," he said.

Meanwhile, West Java, which is the manufacturing center in Indonesia, offers investors a proven track record and extraordinary electric vehicle potential.

"West Java has become a major competitor and a manufacturing center accounting for 42.9 percent of GDP. West Java now also has rapidly growing electric vehicle battery production," added Johanna.

Finally, Riau offers fertile ground for investors looking for sustainable profits in the agribusiness sector. As the largest CPO producer in the country, producing 20 percent of national production, Riau presents unique opportunities in processing palm oil and downstreaming its derivative products.

“This growing sector, as well as a diversified economy in the fields of agriculture and mining. "Riau promises stable growth with projected GDP growth of 4.0-4.8 percent in 2024," he concluded. (*)

(SOURCE)