However, Director General of Financial Sector Stability and Development (SPSK) at the Ministry of Finance Herman Saheruddin said the figure is still based on the government’s preliminary calculations and could change depending on PFII’s competitiveness.
“Based on our moderate calculation, the investment could reach around Rp300 trillion to Rp500 trillion. But again, it all depends on the assumptions because we are competing with Singapore, Dubai, and others,” he said when met at the Parliament Complex here on Wednesday.
The investment is expected to come from global investors using the PFII area as a base for their business activities in Indonesia.
Saheruddin explained that the investment could take the form of foreign banks establishing branch offices or companies setting up operations in the area.
“If we open this (PFII), it means foreign investors will come in. They may establish foreign bank branches or incorporate companies there,” he said.
In addition to attracting foreign investment, he noted that the PFII could also provide access to long-term financing for a number of national strategic projects.
On the other hand, although it will offer various incentives for businesses, he emphasized that the government will continue to comply with international tax standards, including the Global Minimum Tax (GMT).
Therefore, the government will not introduce excessive incentives that could compromise regulatory standards in its efforts to attract investment.
The government also ensured that the PFII will adopt strict international supervisory standards to prevent money laundering and the misuse of investment facilities.
“We must continue to comply with the Global Minimum Tax. As for incentives, the main point is to ensure we can compete with others, but the details are still being discussed with the House of Representatives (DPR),” he said.
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Translator: Bayu, Kenzu
Editor: M Razi Rahman
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