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Executive Column: Citi lauds Indonesia’s bet on EV ‘revolution’
Citi global head of corporate banking Jason Rekate spoke to The Jakarta Post’s Deni Ghifari on May 28 about Indonesia’s economy and its budding electric vehicle ecosystem.
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Citi global head of corporate banking Jason Rekate (Citi/-)
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i>Indonesia has fared better than most countries in a choppy global economy over the past months and has attracted increasing amounts of foreign direct investment, with a key driver being the government’s efforts to create a comprehensive electric vehicle (EV) ecosystem.
The country’s near-term prospects are underpinned by expectations of global interest rates coming down in 2024 and national elections wrapping up in the same year.
Citi global head of corporate banking Jason Rekate spoke to The Jakarta Post’s Deni Ghifari on May 28 about Indonesia’s economy and its ambition to develop an EV ecosystem.
Question: What is your general view on the Indonesian economy?
Answer: It’s an important country and its importance to the global economy is growing. It’s always had a really critical role in commodities and resources, [aside from the draw of] its large population centers and its potential source for companies looking for a market to work in.
I think that’s become even more important recently with all these global macro things happening around [environmental, social and governance (ESG)] and transition; Indonesia is in the center of all those discussions. It might play an even more important role in the coming years, and for us, coming here is really important.
