Prabowo Sends Message to MSCI: ‘Indonesia Is Not Afraid and Will Not Be Intimidated’

President Prabowo Subianto spoke about Morgan Stanley Capital International (MSCI), which has threatened to downgrade Indonesia’s stock market from emerging-market to standalone-market status. Prabowo said he believed MSCI’s announcement was intended to intimidate Indonesia.

“We continue to face obstacles. What is it this time? All sorts of things, MSCI and so on,” Prabowo said during a briefing at a Cabinet meeting marking two years of his administration at the Presidential Palace in Jakarta on Wednesday (21 October 2026).

Addressing his ministers, Prabowo said Indonesia was not afraid of MSCI’s announcement. He said the Indonesian people were not quick to give up.

“They want to scare us. I say only this to MSCI: the Indonesian people fear no one and will not be intimidated,” Prabowo said.

“Ladies and gentlemen, we are not afraid. We have strength, we have courage, and we are willing to make sacrifices; we do not know the meaning of surrender,” he added.

Earlier, Coordinating Economic Affairs Minister Airlangga Hartarto said the sentiment arising from MSCI’s announcement would not directly affect investment in special economic zones (SEZs). He said MSCI’s concerns related only to governance in the capital market.

“MSCI has no connection with SEZs, because it relates only to governance in the capital market,” Airlangga said at the AA Maramis Building in Central Jakarta on Wednesday (21 October), according to detikFinance.

Investment realised in SEZs totalled Rp46 trillion from January to September 2026, equivalent to 67 per cent of the 2026 target of Rp69.1 trillion. Airlangga nevertheless said he was optimistic the target could be achieved by the end of the year.

“SEZs have reached 67 per cent by the third quarter. We hope to reach 100 per cent in the fourth quarter, as all the projects are progressing,” he added.