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embers of the 20-20 Investment Association have expressed interest in investing in Yogyakarta, the country'€™s second-most popular tourist destination after Bali.

During a two-day meeting in Yogyakarta that ended on Friday, members of the non-profit organization learned about Indonesia'€™s investment climate.

'€œThey have come to Yogyakarta because they are interested in investing in the fields of creative economy and tourism,'€ Tom Lembong of the Singapore-based private equity firm, Quvat Management Pte. Ltd, a member of the association, told reporters after the meeting in Yogyakarta.

Lembong said the province needed to improve its catering services, hotels, real estate, public transportation, airport, power supply and clean-water supply if it wanted to compete with other international tourist destinations.

He said the development of such facilities would create an opportunity for the 36-member association, which manages over US$8 trillion in investment capital.

These large-scale investors visit third-world countries annually, seeking new business opportunities. According to Lembong, they no longer consider first-world countries as attractive markets due to their fully matured economies that limit growth. '€œInvestment opportunities in third-world countries are huge, although they also come with high security, political and legal risks of instability,'€ he said.

He said the security situation in Indonesia, especially in Yogyakarta, made it attractive for investors.

During the meeting, Andrei Lascu, the general director of gaming company Gameloft Indonesia, which has a representative office in Yogyakarta, detailed the benefits of investing in the province.

'€œYogyakarta has a lot of talented people and low-cost operations. The people are open-minded and easy to work with. The Internet is better than in most cities in Indonesia,'€ Lascu said, adding that the local administration was supportive, too. Gameloft Indonesia, he said, had invested over $1 million and currently employed 600 people.

Yogyakarta Deputy Governor Paku Alam IX said the province warmly welcomed investors.

'€œStability is also supported by competent bureaucrats and good governance. Last year, Yogyakarta Special Region secured the highest place in the Indonesia Governance Index (IGI) and this year we have been granted the Investment Award for being on the top in the '€œEase of Doing Business'€ ranking among provinces in Indonesia,'€ Paku Alam said.

He said his administration would continue working to provide adequate infrastructure in terms of roads and double-track railways.

'€œHopefully, we can further develop our three economic pillars: culture, tourism and education,'€ he said.