- Prabowo Subianto prioritizes tech loans, foreign investment.
- State-funded lending and incentives aim to aid startups.
- But EV battery dominance depends on delivering regulatory reform.
Prabowo’s startup support
With Prabowo Subianto poised to become Indonesia’s next president based on unofficial election results, the shape of his future policies towards startups and technology is coming into focus.
According to campaign spokesperson Puteri Anetta Komarudin, supporting innovation-based businesses through improved access to capital will be a priority.
Komarudin said Subianto’s administration is planning to launch a government-funded loan program for tech startups and other innovative companies.
Similar to bank lending but drawing capital from the state budget, the loans would be carefully evaluated based on applicants’ business plans.
Government loans for tech
Boosting foreign investment into Indonesian startups also features prominently in Subianto’s vision, including streamlining regulations and introducing various incentives like tax breaks to encourage overseas capital.
On the regulatory side, the current ban on direct social media transactions that impacted platforms like TikTok will remain in effect.
Policies favoring electric vehicles, such as consumer subsidies and battery manufacturing investments, are likewise expected to continue from the previous administration.
State-owned Indonesia Battery Corporation is on track to open the country’s first large-scale EV battery factory later this year.
Specifics still to come
Many specifics remain unconfirmed.
But Subianto’s broad proposals to increase access to startup funding and make Indonesia more startup-friendly overall offer early signs of his agenda for the tech industry and digital economy going forward.
Bringing to fruition ambitious goals like dominating the global EV battery market will hinge on the next administration’s ability to execute on these promises.
