5 Cities in Indonesia to do Business in 2024

Indonesia, the world’s fourth most populous country boasts the 16th largest economy in the world, with a GDP of $1.319 trillion.  It stands poised to be among the top 10 economies globally by 2024 and offers a myriad of opportunities for those willing to navigate its multifaceted business environment.

Previously, we covered the top cities in Indonesia to do business in. In this updated edition, we bring you more cities this diverse archipelago has to offer, and highlight their economic significance that make them ideal for those who seek to do business in Indonesia.

🔑 Read More: Top 5 Rising Cities in Indonesia to Do Business In

Semarang – Growing Business Center

Background of Semarang

Semarang is the capital of Central Java province, in Indonesia. The city is also the gateway to the province, as it is located on the northern coast of Java Island, making it a strategic location for trade and transportation.

Today, Semarang is a bustling metropolis with a population of over 1.5 million people, offering many opportunities for businesses. The city is a major industrial center and home to many large factories. It is also a major port city and the port of Tanjung Emas is one of the busiest ports in Indonesia.

Business Opportunities that Semarang Offers

The city's appeal extends to various sectors, offering lucrative opportunities for businesses. In the retail domain, with a population exceeding 2.5 million residents and numerous shopping malls, selecting the right location and product/service niche becomes crucial.

Similarly, the flourishing food and beverage scene in Semarang presents opportunities for innovative ventures, demanding thoughtful considerations of location and offerings. Additionally, as a hub for technology companies, Semarang beckons entrepreneurs in the tech sector to explore the city's potential, considering the diverse neighborhoods and consumer base.

The manufacturing industry, integral to Semarang's identity, invites businesses to set up operations, emphasizing the need for strategic location selection and product/service definition. Lastly, as a popular tourist destination, Semarang offers a spectrum of opportunities in the tourism sector, urging entrepreneurs to carefully choose locations and services to cater to the diverse preferences of visitors.

Palembang – Business in South Sumatra

​Background of Palembang

Palembang is the capital city of South Sumatra Province, Indonesia. It is one of the oldest cities in Indonesia, and has a long history of trade and commerce.

The economy of Palembang is primarily based on manufacturing, transportation, and tourism. The city is home to a number of industries, including automotive manufacturing, petrochemical refining, and food processing. The city is also a major transportation hub, and is home to a number of seaports and airports.

Today, Palembang is a thriving metropolis, and is one of the fastest-growing cities in Indonesia. The city is a major transportation, trade and investment hub.

Business Opportunities that Palembang Offers

One of the most promising industries in Palembang is tourism. The city is home to a number of tourist attractions, including the famous Ampera Bridge and Musi River. There are also a number of historical sites, such as the Kuto Besak Fortress. With its rich history and culture, Palembang is a city that is definitely worth visiting.

Another industry that is flourishing in Palembang is the food industry. The city is home to a number of delicious food options, including the famous Palembang Black Rice. With its unique flavor, this dish is sure to please even the most discerning palate.

For those who are looking for a more traditional business opportunity, there is also the possibility of opening a shop in Palembang's many shopping malls. With its growing economy, Palembang is home to a number of new shopping malls that are looking for tenants. This is a great opportunity for those who are interested in setting up their own business.

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Makassar – Gateway to Eastern Indonesia

Background of Makassar

Makassar is the primary commercial center of Sulawesi, an Indonesian island. The city is also the capital of the province of South Sulawesi. Makassar is a thriving metropolis with a population of over 1.6 million people. The city is located on the southwestern coast of Sulawesi, and is known for its beautiful beaches and scenic sunsets.

Makassar is home to a number of banks and financial institutions, making it a popular destination for those looking to open a multi currency account or make a telegraphic transfer. The city is also a popular tourist destination, with its beautiful beaches, culture, and cuisine.

Business Opportunities that Makassar Offers

Makassar has been on a transformative journey since 2016 to position itself as Indonesia's smart city. The city's ambitious plans and innovative approaches present a compelling case for businesses considering expansion.

At the heart of Makassar's economic landscape, small businesses have become exemplars of the city's forward-thinking ethos. The introduction of vertical farms in alleyways, managed by local communities, demonstrates an innovative scheme to support entrepreneurship. The incorporation of data to monitor income spending, directly deposited into sellers' bank accounts with restrictions on usage, reflects the city's strategic approach to economic support.

As businesses explore expansion opportunities, Makassar's commitment to technological integration, data-driven governance, and support for entrepreneurship positions it as a city ripe with potential. The forward-thinking initiatives and the city's embrace of innovation create an environment conducive to growth and collaboration, and make it seamless for businesses to set up cross-border payment processes that would further enhance the efficiency of business operations, fostering a mutually beneficial partnership between the city and expanding enterprises.

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Denpasar – Business & Tourism Hub

Background of Denpasar

Nestled on Bali, Denpasar is both a thriving business center and a premier tourist destination. As the capital city, it serves as the largest city on the island, with a population of 1.5 million people, offering a vibrant urban landscape and acting as the primary gateway to Bali.

Originally established by Dutch colonists, Denpasar's transformation into a lively city with intriguing museums, enchanting temples, and a bustling nightlife scene has made it one of Indonesia's most sought-after destinations.

Business Opportunity that Denpasar Offers

Denpasar's economy, flourishing through the symbiosis of business and tourism, positions it as an exceptional choice for entrepreneurial ventures. Beyond its allure for tourists, the city's strategic location and well-established infrastructure make it an advantageous environment for trade, hospitality, and diverse sectors. Denpasar's blend of cultural richness, economic potential, and accessibility establishes it as a standout option for those seeking a prosperous business landscape in the heart of Bali.

Denpasar's large population and constant tourist influx make it an ideal location to launch a restaurant or café, with diverse culinary possibilities catering to various tastes. Thorough research and a strategic choice of a location with high foot traffic are essential for optimal exposure. The city also boasts a plethora of retail options, from clothing stores to souvenir shops. Setting up your shop in one of Denpasar's bustling malls or markets ensures a captive audience and ample potential customers.

The demand for new and thrilling activities remains constant, making this a lucrative option for entrepreneurs. Whichever business path you choose, Denpasar stands as a city teeming with boundless opportunities. Its diverse population, coupled with its allure as a tourist haven, ensures a fertile ground for success in this vibrant and thriving metropolis.

Bogor – City of Agriculture & Research

Background of Bogor

Situated in West Java, Indonesia, Bogor stands as the sixth-largest city within the Jakarta metropolitan area and holds the fourteenth position nationwide. The central district of Bogor is notably one of the world's most densely populated regions.

Dubbed the "Rainy City" due to its consistent rainfall, even in drier seasons, Bogor boasts a distinct climate. With its reputable agriculture and research institutions, Bogor emerges as an ideal hub for businesses related to agriculture, horticulture, and research and development.

Business Opportunity that Bogor Offers

With the Bogor District Government having a vested stake in pumping resources and directing efforts into the agricultural sector, businesses should not overlook what this city has to offer.

As of 2022, Bogor District came in fourth in national coffee production and ranked top in West Java for robusta coffee production. This presents a compelling opportunity for entrepreneurs and investors interested in doing business in Indonesia.

By introducing cutting-edge technology and expertise, there is immense potential to not only enhance coffee production in Bogor but also to catalyse broader agricultural growth in the region. This dynamic landscape invites those with innovative solutions to contribute to the sustainable development and prosperity of the agricultural sector in Bogor, Indonesia.

🔑 Read More: The Wallex Country Report – Indonesia

Wallex: Your Gateway to Success in Indonesia's Business Landscape

Indonesia's economic promise is vast, and Wallex is here to help you seize every opportunity. Whether you're making your gateway into Eastern Indonesia through Makassar, harnessing the tourism hub of Denpasar, or tapping into the agricultural richness of Bogor, Wallex offers tailored solutions to facilitate your business expansion.

Our suite of services, from multi-currency accounts to streamlined financial transactions, ensures that every money transfer and transaction you make is smooth and efficient. Wallex understands the intricacies of doing business internationally and provides you with the tools to thrive in this diverse market.

Ready to take the next step in your Indonesian business venture? Contact Wallex today to explore how our financial solutions can be tailored to your specific needs. From multi-currency accounts to efficient cross-border transactions, Wallex is your gateway to success in Indonesia's flourishing business landscape.

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