Government Finalising Regulations for Implementation of Bali Turtle as Financial Special Economic Zone

The government is finalising regulations related to the Special Economic Zone (SEZ) in the financial sector, which is planned to be implemented in the Kura Kura SEZ, Denpasar, Bali. This was stated by Coordinating Minister for the Economy Airlangga Hartarto on Friday (1/5). Quoted from the Antara News Agency, Coordinating Minister Airlangga explained that the plan to realise this special financial centre was specifically discussed by Danantara. “So what can the Bali Kura Kura (SEZ) offer for the IFC (International Financial Centre) location? It will then be discussed directly with Danantara,” said Coordinating Minister Airlangga Hartarto. He explained that the regulation will serve as the foundation for establishing the financial sector SEZ, designed to accommodate various needs for setting up a financial centre, from management schemes to facilities that can attract global investors. In the future, this special financial centre will resemble the facilities in the Dubai International Financial Centre (DIFC), with the aim of attracting investment flows to Indonesia. Amid changes in the global geopolitical landscape, Bali is now increasingly relevant as a destination for international capital seeking stability and legal certainty. During his visit, the Coordinating Minister for the Economy, who is also the Chairman of the National SEZ Council, directly inspected the readiness of the Bali Kura Kura SEZ as one of the potential zones for the location of this special financial centre. Together with the Minister of Investment/Head of the Investment Coordinating Board (BKPM) who is also the Chief Executive Officer of the Investment Management Agency (CEO BPI) Danantara Rosan Roeslani, and the Chief Operating Officer (COO) BPI Danantara Dony Oskaria, the Coordinating Minister for the Economy reviewed the investment realisation in the area. Such as the luxury shopping centre project resulting from the cooperation between the Kura Kura SEZ developers and investors from Japan, Mitsubishi Estate, as one of the flagship projects in the Kura Kura SEZ, which is planned to open in mid-2026. Meanwhile, the Business Entity for Management and Development (BUPP) of the Bali Kura Kura SEZ explained that the appropriate location for the Financial Sector SEZ is in the Knowledge District area. President Director of PT Bali Turtle Island Development (BTID) Tuti Hadiputranto 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. The Bali Kura Kura SEZ 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, and investment pathways in Indonesia. The area will also be enriched with a Centre for Entrepreneurship and Innovation, which serves as an educational hub like the ACS Bali intercultural school, as well as the development of coastal environmental research at the International Mangrove Research Centre (IMRC). “We have prepared the necessary physical infrastructure, institutions, and global partnerships to make Kura Kura Bali the home of Indonesia’s Financial Sector SEZ,” she added. She further stated that the Bali Kura Kura SEZ is not just an investment zone, but a living ecosystem that is already operational and serves as a strategic partner to the government.