Indonesia’s Second Draft of Globalisation: Investing in Prosperity for All
By Teguh Anantawikrama
Vice Chairman, Indonesian Chamber of Commerce (KADIN) and
Chairman, Indonesian Tourism Investor Club
INVESTORTRUST.ID - Inspired by Larry Fink’s call to redesign globalisation, Indonesia is charting its own course—welcoming capital that builds value at home, not just on paper. The global conversation about globalisation is changing—and it should. Larry Fink’s recent essay in the Financial Times rightly argues that capital markets must evolve: they should not only chase returns, but also serve national goals and working people. As an Indonesian, I find this both timely and deeply resonant.
Indonesia is not rejecting globalisation. We are, however, determined to write our own second draft—a version that aligns foreign investment with shared prosperity, resilience, and equal growth opportunities across our vast archipelago.
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Global Capital, Local Value
In the old model of globalisation, Indonesia too often played the role of supplier—of raw minerals, cheap labor, or tourist attractions—while much of the value left our shores. Today, that era is coming to a close.
We are now demanding more from investment. In the rare minerals sector, for instance, we are moving beyond extraction to value-added processing, ensuring that our nickel, bauxite, and cobalt not only feed global supply chains but also build local industry, create jobs, and strengthen our own capabilities. Indonesia welcomes capital—but not if it bypasses our people.
Food Security is Economic Security
Indonesia is also focusing on food security—not just to feed our nation, but to uplift rural communities, expand agritech, and strengthen our internal markets. We are rethinking how capital is used in agriculture. Investment in this sector must now support inclusive farming, cooperative models, and technology adoption that improves both productivity and livelihoods.
In other words, we’re no longer interested in volume-driven food exports alone. We are building a food economy that enriches the farmer as much as the consumer—that turns investment into resilience.
Corn Harvest at the Food Estate, Gunung Mas. Photo: Ministry of Agriculture.
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Tourism that Shares the Wealth
Few sectors illustrate our new approach better than tourism. For decades, Indonesia has been seen as a beautiful destination. But today, we want to be more than a photo backdrop—we want tourism to become a driver of local economic equity.
From Bali to Labuan Bajo, we are encouraging community-based tourism and promoting investment that respects culture, sustains the environment, and empowers local entrepreneurs. We believe that a homestay can be as transformative as a hotel chain—if the value stays in the village.
A More Just Globalisation Is Possible
Indonesia’s approach reflects a deeper truth: growth without equity is instability. Investment must not only generate profit, but also meaning. It must serve people who for too long have been left behind by the old globalisation. We are not asking for less engagement—we are asking for better terms, better intentions, and better outcomes.
Our message to the world is clear: Indonesia is open for business—but it must be the kind of business that builds our people’s future. We welcome investors in food, rare minerals, and tourism—but only those willing to partner in our vision of broad-based prosperity.
If global capital wants to grow, it must grow with us, not away from us ***
