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Jakarta requires long-term plans to become global business city: Economist

Tempo - March 18, 2024

Antara, Jakarta – Indonesia's capital of Jakarta is in need of long-term plans that might require 20 years of implementation for it to emerge as a world-class business metropolis, stated the Center of Reform on Economics (CORE) Indonesia.

"Indeed, long-term plans are necessary. It is difficult to imagine (Jakarta becoming a global city) in five to 10 years. The vision is long-term in nature. Fifteen to 20 years are needed, to say the least," CORE economist Yusuf Rendy Manilet remarked on Monday.

He assessed that Jakarta still has various works to be addressed along its journey to becoming a business city that can compete with New York in the United States and Melbourne in Australia.

The economist stressed the importance of Jakarta improving the quality of its public transportation systems, ensuring its means of mass transport can accommodate people residing in the city's buffer regions.

Jakarta also needs to come up with strategies for averting the risk of being submerged as a result of climate change while providing residences to address the housing backlog phenomenon, he added.

For the city to overcome those challenges, he said, the central government and Provincial Government of Jakarta need to prepare budgets that can sustain long-term measures.

Manilet then emphasized the importance of the political will of the governments to ensure the proper implementation of long-term plans.

"It should be noted that the vision of Jakarta leaders will surely play a decisive role. Its leaders could direct the development of the transportation systems to support Jakarta to become a global business city," he stated.

He remarked that the next governors of Jakarta are expected to maintain the city's economic growth to attract more investments.

The economist expressed belief that Jakarta would continue to rope in capital from domestic and foreign investors even after relinquishing its status as the capital city.

Source: https://en.tempo.co/read/1846398/jakarta-requires-long-term-plans-to-become-global-business-city-economis