The Java Integrated Industrial Ports and Estate in East Java. Photo: JIIPE

Indonesian coordinating minister for economic affairs Airlangga Hartarto explained, Lido would be a tourism SEZ with a business plan for world-class theme parks, golf courses, retail and dining, accommodation, and creative economy.

Lido, developed by MNC Group, is predicted to boost the number of domestic and foreign tourists to 63.4 million people until 2038, and foreign exchange inflows to around 4.1 billion USD over 20 years.

JIIPE located in Gresik city is projected to be able to bring in around 16.9 billion USD in investment. The SEZ is planned for business development in metal, electronics, chemical, energy and logistics industries. The area consist of a 2,933-ha industrial zone, a 400-ha port, a 765-ha residential estate and a 1,761-ha industrial complex.

Until the end of last year, the country was home to 15 SEZs, resulting in an investment commitment of 70.4 trillion Rp (5.03 billion USD), of which 23.1 trillion Rp were realised.

Source: VNA