UOB Indonesia deputy president director Iwan Satawidinata said rising consumer spending in Indonesia had created opportunities for business development, making it one of the most attractive business destinations in Asia.

'€œIndonesia is one of the fastest-growing emerging economies in the region. The demand for new infrastructure, business and consumer services to support this growth is creating many new opportunities for local and international companies. Businesses in the construction, logistics and service sectors that are able to meet this demand can build a strong and sustainable business in Indonesia,'€ Satawidinata said about the seminar, in a release made available to The Jakarta Post on Wednesday.

In the seminar, UOB brought together business players from sectors pivotal to Indonesia'€™s economic growth, including construction, commodities, and energy, as well as the food, beverage and hospitality sectors. Indonesia'€™s key trade and government bodies, including the Investment Coordinating Board (BKPM), addressed the delegates.

Among key speakers attending the meeting were Indonesian Ambassador to Singapore Andri Hadi, BKPM chairman Himawan Hariyoga, and the heads of the Central Java and East Java investment boards, Yuni Astuti and Lili Soleh, respectively.

During the seminar, UOB Indonesia and its partners shared views of how businesses could expand beyond Indonesia'€™s capital city, Jakarta, to other developing regions, including Central and East Java, which have a combined domestic consumer base of close to 70 million people.

UOB'€™s Asian Enterprise Report released last year found that the top businesses expanding into Indonesia were mining (42 percent), food and beverage (33 percent), hotel and accommodation (32 percent) and construction (28 percent).

In 2013, foreign direct investment into Indonesia reached US$28.2 billion, an increase from $1.9 billion in 2004. Indonesia's economic boom has attracted investment from its regional peers in Singapore ($4.9 billion), China ($700 million) and Malaysia ($700 million).

With its full suite of corporate/commercial and personal banking products and its extensive network in Asia, UOB says it has been increasingly focused on helping companies with their expansion plans. It has facilitated many enterprises from the construction, mining, real estate and services sectors expanding into Indonesia. (ebf)(++++)

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