Stefani Ribka, Jakarta – Indonesia is considered one of the promising emerging countries to invest in during the next 10 years by Business Monitor International (BMI) Research, which belongs to rating agency Fitch.
BMI Research has put Indonesia on its to-watch list as the market of 250 million people is still largely untouched, hence leaving room for rapid growth in several sectors that include agriculture, construction, manufacturing, power, financial services, healthcare and retail.
The country is also considered a manufacturing hub, especially for textiles and the automotive industry, as it has improved infrastructure and boasts competitive labor costs amid rising wages in China.
Indonesia would enjoy widespread growth across many sectors, as it had reached a sufficient level of development and had a large enough domestic market, BMI Research said in a statement.
The other nine emerging countries on the list are Bangladesh, Egypt, Ethiopia, Kenya, Myanmar, Nigeria, Pakistan, Philippines and Vietnam.
"We forecast the 10 countries will transition into key emerging markets and cumulatively add US$4.3 trillion to global GDP by 2024 – roughly the equivalent of Japan's economy currently – providing significant opportunities for investors," the research note read. (est)