In Southeast Asia, Indonesia has the largest economy and stands as the 16th biggest economy in the world. In 2016, it had an approximate GDP (Gross Domestic Product) of USD940.9 billion. The economy has risen more than 5% from the past ten years. Therefore, Indonesia has become an admired place to set up a company for savvy entrepreneurs.
Now, we look into the reasons to consider Indonesia as a business hub for entrepreneurs:
The Growing Sectors of Indonesia
The rapid progress in economies offers plenty of opportunities for businesses in different areas. The country has intended to add the next terminal at Soekarno-Hatta International Airport by 2021, in Jakarta. So, construction businesses are high in demand for expert technicians, project managers, contractors, and architects.
Similarly, the education sector is also growing rapidly. Indonesia stands fourth largest in the education system in the world. This sector needs a lot of resources, expert professors, training, software, and technology.
Agreements In Trade Are Free
Indonesia is a member of ASEAN (Association of Southeast Asian Nations) and has free trade agreements ( zero tax or minimal) with other nine member states. It includes Vietnam, Thailand, Myanmar, Laos, Cambodia, Singapore, Malaysia, Brunei, and the Philippines.
Being a member of ASEAN, Indonesia has preferential access to countries that have struck deals with ASEAN. These countries are South Korea, Australia, India, Japan, China, and New Zealand.
Developments In Trade And Business
Indonesia has signed an agreement as a Closer Economic Partnership with EFTA (European Free Trade Association) in 2018, December. It offers diversified markets to trade and business in Indonesia.
Similarly, it has started free trade contracts with Australia. It has led to the benefits of imports by removing existing tariffs. Also, both countries are considering looking for friendly trade and businesses. These growing friendly agreements between countries have allured many entrepreneurs for the incorporation of company in Indonesia from different countries.
The growing opportunity and economy in Indonesia attract plenty of entrepreneurs to start their businesses. Still, the country possesses some challenges to take the market. You can stand out as the best being patient, and also you can seek guidance from an expert, reliable local assistance provider 3E Accounting Indonesia to expand your business in Indonesia.