Jakarta Poised to Rival New York as Global Business City, Asserts CORE Indonesia

Jakarta, The Gulf Observer: The metropolitan city of Jakarta stands poised to ascend as a formidable business and economic hub, capable of rivaling global counterparts such as New York City, according to insights shared by the Center of Reform on Economics (CORE) Indonesia.

Economist Yusuf Rendy Manilet of CORE Indonesia articulated this vision, affirming Jakarta’s inherent potential and vast resources as a prominent business center within Indonesia. Manilet highlighted Jakarta’s existing economic prowess and emphasized the city’s capacity to sustain and enhance its position on the global stage.

However, Manilet also underscored the need for Jakarta to address certain key aspects to fully realize its potential as a world-class business city. One crucial area identified for improvement is the accessibility of public transportation, a vital component that characterizes leading global cities such as New York, Sydney, and Melbourne.

Despite the availability of integrated public transportation in Jakarta, Manilet noted the lack of sufficient access to buffer areas such as Depok, Bekasi, and Tangerang, discouraging commuters from utilizing mass transit options and perpetuating reliance on private vehicles.

In addition to enhancing public transportation infrastructure, Manilet emphasized the importance of improving the quality of life for Jakarta’s residents, particularly through the provision of vertical housing solutions akin to those seen in Singapore. By developing vertical housing in the city center, Jakarta can mitigate the need for residents to reside in distant buffer areas, consequently reducing commute times and bolstering workplace productivity.

Moreover, Manilet highlighted the imperative for Jakarta to address environmental challenges, including rising sea levels attributed to climate change.

Despite a relatively slower economic growth in 2023 compared to the previous year, Jakarta maintained its status as a significant contributor to Indonesia’s economy, accounting for 16.77 percent of the nation’s economic output.

As Jakarta continues to navigate economic challenges and pursue avenues for development, insights from CORE Indonesia underscore the city’s potential to emerge as a dynamic global business and economic hub, driving progress and prosperity within Indonesia and beyond.