Indonesian firms eye family offices opportunity in HK
The Indonesian Employers’ Association reported a surge in plans to establish more family offices in Hong Kong, as the Indonesian business sector expressed a growing interest in advanced industries and strong confidence in the city’s stability.
During a meeting with members of the first business delegation organized by the association on Wednesday, Hong Kong Chief Executive John Lee ka-chiu introduced the city’s business and investment environment.
“The Indonesian business community is generally optimistic about the investment environment in Hong Kong and the GuangdongHong Kong-Macao Greater Bay Area and hopes to strengthen economic and trade relations between Hong Kong and Indonesia,” association chairperson Shinta Kamdani said after the meeting with Lee.
“I am glad to learn that the authorities are making it convenient for Indonesian companies to operate in Hong Kong and on the Chinese mainland, and helping them to establish ties with businesses in the region. Likewise, Indonesia will open its doors to Hong Kong enterprises,” she said.
According to Kamdani, many wealthy family groups in Indonesia aim to establish family offices in Hong Kong. It is understood that many members of the visiting Indonesian delegation are representatives of various family consortia.
Indonesian enterprises perceive Hong Kong as the gateway to the GBA market, and have expressed interest in about 20 business sectors, including advanced technology, artificial intelligence, e-commerce and logistics. Kamdani stressed that many members of her delegation have focused on hightech and AI projects and plan to bring such technologies back to Indonesia by cooperating with Hong Kong.
When asked whether she thought Hong Kong’s newly enacted Safeguarding National Security Ordinance would affect Indonesian companies’ investment willingness, Kamdani said she believes the legislation will, in fact, make the city more stable, leading to increased confidence among the Indonesian business community.
The delegation is scheduled to visit the Hong Kong Stock Exchange, InvestHK and major local banks. Delegates will then proceed to Shenzhen, Guangdong province, where they plan to visit prominent mainland companies such as Huawei, Tencent Holdings and BYD.
Kennedy Wong Ying-ho, who represents the import and export sector in the Legislative Council, said: “The delegation’s visit shows the importance the Indonesian business community attaches to Hong Kong. As Indonesia has huge economic development potential in Southeast Asia, Hong Kong offers plenty of room for mutual collaboration with Indonesia.”
With a 72-year history, the Indonesian Employers’ Association is one of Indonesia’s major industrial and commercial groups. Headquartered in Jakarta, the association is led by respective provincial committees in each of the country’s 26 provinces, with 173 district committees operating at the regional level.