14 August 2024 is Bali’s 66th anniversary! In this celebration, the Bali Provincial Government proudly shows its success in economic development.Â
Investment in Bali Surpasses Target
Bali’s Acting Governor, Sang Made Mahendra Jaya, announced that the investment in Bali has reached nearly Rp 18 trillion or Rp 17.99 trillion in the second quarter of 2024. This figure exceeds the target.
“Total investment in Bali continues to increase, surpassing the 2024 target of Rp 16.230 trillion,” Mahendra said during the Plenary Meeting of Bali Regional Representative Council on Wednesday, 14 August 2024.
Mahendra, a retired two-star police general, also said that Bali’s economic growth continues to rise, reaching 5.98% in the first quarter of 2024 and 5.36% in the second quarter. This progress is driven by increased financial transactions and the growth of foreign tourist visits from January to June 2024, which exceeded the number of foreign tourists before the COVID-19 pandemic (January-June 2019).
The percentage of poverty and extreme poverty has also decreased. According to data from the Bali Provincial Statistics Agency, Mahendra continued, the percentage of the poor population is 4% and the percentage of extreme poverty is 0.19%.
“The open unemployment rate continues to decline, with data for 2024 recorded at 1.87 percent,” said Mahendra.
The Bali Provincial Government is also working to improve access and infrastructure for roads and clean water to accelerate the progress of underdeveloped areas. According to Mahendra, infrastructure is important to address the open unemployment rate in Bali.
Investment in Bali Drives Business Growth
As can be seen from the driving factors of Bali’s economic growth, the tourism sector remains the main pillar that triggers the development of other businesses.
According to the Head of the Bali Directorate General of Treasury, Mufti Arkan, the business sector in Bali that grew the fastest is related to accommodation and food and beverages. This sector experienced a significant increase of 62.60% in 2024. This growth is crucial as it contributes 15.33% to Bali’s total tax revenue and drives 20.64% of Bali’s overall economy.
The property and real estate business in Bali is also booming thanks to the growing number of tourists. According to Pinhome, a property platform in Jakarta, the rental property market in Bali is very active, recording a 48% increase, proving that property market growth is no longer Java-centric.
Investment in Bali Opens Opportunity
With Bali’s economy booming and investment opportunities expanding, now is the ideal time to consider strategic investments in this island paradise. The rise in tourism and steady economic growth provide a fertile environment for businesses to thrive. From hospitality and real estate, Bali offers a diverse range of investment prospects.
To gain deeper insights into Bali’s investment landscape and explore potential business ventures, don’t miss the exclusive business talk held by Seven Stones Indonesia titled ‘Investment for the Future Benefits’.
The event will take place on Friday, August 23, 2024, at the Mandala Club Bali, beginning at 4 PM Central Indonesia Time. Alongside expert advice from Terje H Nilsen, CEO and founder of Seven Stones Indonesia, you will have the chance to network with fellow entrepreneurs, exchange ideas, and make important connections. As seats are limited, be sure to secure your spot by completing the registration form through this link. We look forward to seeing you at the Mandala Club! Â
