Experts urge boosting competitiveness of Bali SEZ to become global financial hub

Denpasar (ANTARA) - Monetary and financial expert from the Institute for Development of Economics and Finance (Indef), Abdul Manap Pulungan, is urging an increase in the competitiveness of the Kura Kura Special Economic Zone (SEZ) in Denpasar, Bali, which is planned to become a global financial centre. “Fundamental aspects need to be improved,” said Abdul Manap Pulungan when contacted in Denpasar, Bali, on Monday. According to him, these fundamental aspects include the business climate, permitting, regulations or legal certainty in legislation up to other investment risk indicators. In addition to the investment climate side, he also hopes for infrastructure improvements in Bali to accommodate the global financial centre on the Island of the Gods. He mentioned one example of a global financial centre, namely in Dubai, which is supported by economic growth, ease of investment, and flexibility in investor capital movement. According to him, Bali’s name, which is already known worldwide, becomes one of the main attractions. However, the plan for the arrival of the global financial centre is hoped not to shift the tourism sector, which has so far been Bali’s main economic sector. “The global financial centre is good for enhancing the image. The hope is that it does not shift Bali’s tourism sector,” he added. Meanwhile, the Business Entity for Management and Development (BUPP) of KEK Kura Kura Bali explained that the location to be prepared for the Financial Sector SEZ is in the Knowledge District area. President Director of BTID Tuti Hadiputranto previously stated that the area is designed to support an integrated innovation ecosystem by converting knowledge capital, education, and human resources into a new engine of economic growth in Bali. KEK Kura Kura Bali provides a supporting ecosystem for the operations of an international financial centre through the presence of business connectors for the Global Blended Finance Alliance (GBFA) programme, business schools, as well as investment pathways in Indonesia. Previously, Coordinating Minister for Economic Affairs Airlangga Hartarto revealed that the government is maturing regulations related to the Special Economic Zone (SEZ) in the financial sector, which is planned to be established in KEK Kura Kura, Denpasar. He explained that the regulation will serve as the foundation for forming the Financial Sector SEZ, designed to accommodate various needs for establishing a financial centre, from management schemes to facilities that can attract global investors.