Indonesia intends to transform Bali from a primarily tourist destination into an international financial hub capable of competing for capital with Singapore, Hong Kong, Dubai, and London.
The Kura Kura Bali SEZ is set to become the project’s key hub. Indonesian authorities view it as a future financial cluster where investment firms, family offices, funds, and technology and service companies focused on international capital can be based.
Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto, stated that the development of a financial center in Bali demonstrates the country’s transition to an economy with higher value-added. According to him, global competition today is not only in the sphere of raw material exports but also for the role of a regional center for finance, innovation, and investment.
The project is linked to Indonesia’s broader goal of reducing the economy’s dependence on commodity cycles, tourism, and traditional industries. The authorities want Bali to become not only a resort but also a hub for capital management, international business, technology projects, and investment structures.
For the real estate market, this could become a new driver of demand. If the project is implemented, interest in office, residential, and hotel real estate in Bali could grow, as well as in mixed-use properties targeting expats, entrepreneurs, financial professionals, and investors. This could be particularly noticeable in areas connected to Kura Kura Bali and the infrastructure of the future business cluster.
However, experts point out that Bali’s path to becoming a full-fledged financial center will be challenging. The island will have to compete with established hubs that already have developed financial regulation, a judicial system, banking infrastructure, international talent, and the trust of institutional investors. The South China Morning Post notes that the project faces systemic and infrastructure constraints, despite its ambitious agenda.
The results of a sociological survey conducted in March 2026 by the research company Active Group in collaboration with the Experts Club information and analytical center show that Indonesia remains one of the countries with the highest level of neutral perception among Ukrainians. According to the study, 71.6% of respondents chose a neutral assessment, indicating limited involvement of this country in Ukraine’s informational and economic space.
The share of positive attitudes toward Indonesia stands at 20.3%. Specifically, 6.5% of respondents indicated a “completely positive” attitude, and 13.8% — “mostly positive.” At the same time, negative assessments remain minimal — a total of 3.0%, of which 2.3% answered “mostly negative” and only 0.7% — “completely negative.” Another 5.1% of respondents were unable to determine their position.
This pattern of responses is typical for countries that do not have a significant influence on Ukraine’s domestic agenda or are not associated with key political, security, or economic processes. The high proportion of neutral assessments indicates not a negative perception, but rather the absence of a clearly formed image of the country in the public consciousness.
“When we see over 70% neutral responses, it means that the country is effectively outside the active information field of Ukrainians. In such cases, perceptions are formed not through experience or interaction, but through fragmented impressions. That is why even a slight increase in economic or humanitarian contacts can quite quickly shift the balance of assessments in a positive direction,” noted Maksym Urakin, founder of the Experts Club information and analytical center.
Thus, Indonesia remains a country with the potential to build a positive image among Ukrainians; however, this potential has not yet been realized due to low visibility and limited practical interaction. If bilateral contacts are intensified, particularly in the economic and educational spheres, the neutral segment could become the foundation for growing positive perceptions.
According to a study conducted by the Experts Club information and analytical center based on data from the State Customs Service, Indonesia ranks 32nd in terms of total trade in goods with Ukraine, amounting to $578.3 million. At the same time, Ukraine has a small trade surplus, as exports to Indonesia slightly exceed imports.
The study was presented at the Interfax-Ukraine press center; the video can be viewed on the agency’s YouTube channel. The full version of the study can be found at this link on the Experts Club analytical center’s website.
ACTIVE GROUP, EXPERTS CLUB, INDONESIA, Pozniy, SOCIOLOGY, SURVEY, UKRAINE, URAKIN
The Bali real estate market is experiencing robust growth in 2026, driven by the recovery of tourism and an increase in the number of foreign residents, particularly digital nomads and investors. The main areas of demand are concentrated in Canggu, Seminyak, Ubud, and Uluwatu. These are the areas that form the premium segment of the market and attract international capital.
Prices for real estate in Bali vary significantly depending on the property type. In the villa segment, prices average between $1,500 and $3,500 per square meter, and higher in premium projects. Ready-to-rent villas are sold in the range of $150,000–500,000 per property and above.
Indonesian law restricts foreign ownership of real estate, so the primary model remains a long-term leasehold for 25–30 years with the option to renew.
Foreigners play a key role in the Bali market. In some locations, they account for 60–70% of all transactions, particularly in the rental villa segment.
The main buyer groups are citizens of Australia, the UK, the US, and European countries. In recent years, the presence of investors from Russia and Ukraine has grown significantly, especially after 2022.
Russians have become one of the most prominent groups in the Bali market, actively investing in villas and the rental business. Ukrainians are also present among investors and renters, driving part of the demand in the remote work and relocation segment.
Thus, Bali is one of the real estate markets in the world most dependent on foreign capital, where price dynamics are directly linked to global population mobility and the trend toward remote work.
The price of nickel rose to a 15-month high amid reports that Indonesia is tightening control over metal production volumes.
The price of nickel for delivery in three months rose 6.1% during trading on Tuesday to $18,045 per ton, the highest since October 7, 2024.
“Indonesia’s tightening of production controls through a slower quota approval process and planned quota reductions in 2026 is a fairly effective factor in price growth,” said ING analyst Eva Manti.
She notes, however, that the increase in nickel prices is unlikely to be sustainable, as the market is still expected to see a significant supply surplus in 2026.
The day before, Indonesian publication Bisnis.com reported that the country’s authorities had allowed mining companies to temporarily focus on previously approved metal production quotas for 2026 while new quotas are under consideration.
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the manufacture of batteries, in powder metallurgy, and in chemical reagents.
Indonesia’s Finance Ministry is considering issuing its first yuan-denominated government bonds (panda bonds) in 2026, the Financial Times reported, citing two sources.
The interest in panda bonds comes as Beijing promotes the use of its currency in international trade and finance to increase global influence and reduce dependence on the U.S. dollar.
Earlier this year, Brazil, Pakistan and Slovenia announced plans to issue panda bonds.
“From the perspective of international issuers, it provides more opportunities, broadens the investor base in the long term and helps lower the cost of financing for the country,” said OCBC Asia macroeconomic research head Tommy Xie. – “People want to move away from the dollar and look at other markets.
Panda bonds have become increasingly popular since 2023, thanks to Beijing’s regulatory reforms and lower financing costs. In 2024, panda bond issuance reached a record 195 billion yuan ($27 billion), according to Wind. However, it still represents only a fraction of China’s debt market.
Panda bond issuance is expected to grow significantly in the coming years and will be an important factor in the globalization of the yuan, the Institute of International Finance (IIF) said in a report earlier this year.
Analysts also forecast the issuance of “dim sum” (bonds denominated in yuan but issued outside mainland China, mainly in Hong Kong) to rise to a record this year. Specifically, Indonesia issued its first such bonds worth 6 billion yuan in October and plans to continue issuing “dim sum” next year, sources told the FT.
Indonesia’s Golden Visa program, launched in July 2024, has already attracted nearly $2.9 billion in investments and issued more than 1,000 permits, according to official statistics.
As of September 23, 2025, 1,012 golden visas had been issued, bringing in capital of 48 trillion Indonesian rupiah (approximately $2.9 billion).
Of these investments, 46.5 trillion rupiah (about 96%) came from foreign companies, with the rest coming from private investors.
As part of its revenue, the government also received 12.96 billion rupiah in non-tax state revenue.
The visa is valid for 5 or 10 years, depending on the size of the investment. For private investors, there are thresholds: $350,000 for 5 years and $700,000 for 10 years (in bonds, stocks, deposits, etc.).
For corporate investors, the requirements are higher: $25 million in investments for 5 years and $50 million for 10 years.
The program provides benefits and simplifications: priority at airports, simplified immigration procedures, and legal certainty for investors.
