I About INA - Indonesia Investment Authority I 关于 INA - 印度尼西亚投资管理局
Presented by: 演讲者：
Thomas Oentoro, Chief Risk Officer Merlissa Trisno, Director of Funds and Capital Partnering Thomas Oentoro，首席风险官 Merlissa Trisno，基金与资本合作总监
INA: key facts and figures INA：关键事实与数据
INA is a sui generis legal entity established through Law No. 6 of 2023. INA 是通过 2023 年第 6 号法律设立的独特法律实体。
Investment Grade Rating Equalized to Sovereign Rated BBB by Fitch Int’। AAA(idn) by Fitch National 投资级评级被 Fitch 国际评级机构评为与主权评级 BBB 相当，Fitch 国家评级为 AAA(idn)
83 professionals 83 名专业人员
36 Investment and Strategic Operations 48%\mathbf{4 8 \%} under 35 years 45% women 36 名投资和战略运营人员 48%\mathbf{4 8 \%} 35 岁以下，女性占 45%
Direct Investments Indirect Investments Platform Model Fund GP/Co-GP Hybrid Capital Solutions 直接投资 间接投资 平台模式 基金 GP/联合 GP 混合资本解决方案
Varied investment schemes and operating models 多样化的投资方案和运营模式
Indonesian Macro Trends, Consumer Market, and its Impacts for Deal Flow & Partnerships 印度尼西亚宏观趋势、消费市场及其对交易流和合作伙伴关系的影响
Presented by: 演讲者：Thomas Oentoro, Chief Risk Officer 托马斯·恩托罗，首席风险官Merlissa Trisno, Director of Funds and Capital Partnering 梅丽莎·特里斯诺，基金与资本合作总监
Indonesia is home to over 280M people with a median age of ~30 years old and working-age group representing ~65% of the total 印度尼西亚拥有超过 2.8 亿人口，中位年龄约为 30 岁，劳动年龄人口约占总人口的 65%
Indonesia overall digital economy has been growing at double-digit rate driven by rapid urbanization and accelerated internet users 印度尼西亚整体数字经济以两位数速度增长，受快速城市化和互联网用户加速增长推动
INDONESIA INVESTMENT AUTHORITY 印度尼西亚投资局 ∼190m\sim 190 \mathrm{~m} Intenetures ∼190m\sim 190 \mathrm{~m} 年期 69%quad{:[" Internet "],[" penetratio "]:}69 \% \quad \begin{aligned} & \text { Internet } \\ & \text { penetratio }\end{aligned} penetration 69%quad{:[" Internet "],[" penetratio "]:}69 \% \quad \begin{aligned} & \text { Internet } \\ & \text { penetratio }\end{aligned} 渗透率
~140m ^("active social "){ }^{\text {active social }} Media users 约 1.4 亿 ^("active social "){ }^{\text {active social }} 媒体用户 > 100>100 Each for TikTok and Instagram users > 100>100 分别针对 TikTok 和 Instagram 用户
The Largest in SEA, #3 in Asia Pacific after China and India 东南亚最大，亚太地区排名第三，仅次于中国和印度
Indonesia GDP growth remains driven by household consumption and manufacturing sector expansion 印度尼西亚的 GDP 增长仍由家庭消费和制造业扩张推动
Economic Growth (%,yoy) 经济增长（%，同比）
GDP Growth: Expenditure (%,yoy) GDP 增长：支出（%，同比）
GDP Growth: Production (%,yoy) GDP 增长：生产（%，同比）
Large domestic economy to cushion global slowdown impact 大型国内经济体缓冲全球经济放缓的影响
Final demand, % share of total value add 最终需求，占总增加值的百分比
Exports to the US as % of total exports 出口到美国占出口总额的百分比
Exports to China as % of total exports 出口到中国占出口总额的百分比
China is among Indonesia’s Top 3 Foreign Investors for 5 Consecutive Years 中国连续 5 年位列印度尼西亚前三大外国投资者之列
Contributing a total of US$ 31.7 bn , equivalent to an average of ∼14.6%\sim 14.6 \% of annual FDI inflows between 2020 and 2024 贡献总额达 317 亿美元，相当于 2020 年至 2024 年间年均外商直接投资流入的 ∼14.6%\sim 14.6 \%
Foreign Direct Investment to Indonesia, 2020-2024 印尼外国直接投资，2020-2024 年
Based on Country of Origin In US$bn 按来源国划分，单位：十亿美元
Component goods of China and Indonesia trade 中国与印尼贸易的组成商品
INDONESIA INVESTMENT AUTHORITY 印尼投资局
Exports from China to Indonesia in 2023 2023 年中国对印尼出口
Total：US\＄62．7bn 总计：627 亿美元
Local content requirements in Indonesia 印度尼西亚的本地内容要求
Sector 行业
Local Content Requirement （TKDN） 本地内容要求（TKDN）
Notes 备注
◻\square
ICT（Electronics） 信息与通信技术（电子）
35\％for smartphones （4G \＆5G） 智能手机（4G 和 5G）占 35％
Applies to manufacturers selling in Indonesia 适用于在印度尼西亚销售的制造商
Automotive 汽车行业
80\％for ICE，40－80\％for EVs 80％用于内燃机，40－80％用于电动车
EV TKDN roadmap：40\％（2023）， 60\％（2026），80\％（2030） 电动车 TKDN 路线图：40％（2023），60％（2026），80％（2030）
Power Generation 发电
40－60\％ 40－60％
Depends on type（coal，hydro， solar，etc．） 取决于类型（煤炭、水电、太阳能等）
Oil \＆Gas 石油与天然气
25－50\％ 25－50％
Upstream equipment and services 上游设备和服务
Construction 建设
70－90\％ 70－90％
Especially in state－funded projects 尤其是在国家资助的项目中
（1．）
Medical Devices 医疗设备
25－40\％ 25－40％
Strategic items may require more 战略物资可能需要更多
Railway Infrastructure 铁路基础设施
60－70\％ 60－70％
Rolling stock and components 车辆和零部件
त्या）回
Textile \＆Footwear 纺织品＆鞋类
Varies 各不相同
Encouraged under import－ substitution efforts 在进口替代努力下受到鼓励
Shipbuilding 造船业
50－70\％ 50－70％
Depends on vessel type 取决于船舶类型
Defense Industry 国防工业
50－85\％ 50－85％
Weapons，vehicles，systems 武器、车辆、系统
Broadcast Equipment 广播设备
20－40\％ 20－40％
TVs，set－top boxes 电视机，机顶盒
Pharmaceuticals 药品
Under development 开发中
Focus on API production 专注于 API 生产
Mining Equipment 采矿设备
30－50\％ 30－50％
Depends on type 取决于类型
Telecom Towers 电信塔
60－70\％ 60－70％
Universal access and rural areas 普遍接入和农村地区
Sector Local Content Requirement （TKDN） Notes
◻ ICT（Electronics） 35\％for smartphones （4G \＆5G） Applies to manufacturers selling in Indonesia
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=62&width=95&top_left_y=2619&top_left_x=375 Automotive 80\％for ICE，40－80\％for EVs EV TKDN roadmap：40\％（2023）， 60\％（2026），80\％（2030）
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=72&width=95&top_left_y=2695&top_left_x=375 Power Generation 40－60\％ Depends on type（coal，hydro， solar，etc．）
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=80&width=85&top_left_y=2777&top_left_x=378 Oil \＆Gas 25－50\％ Upstream equipment and services
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=83&width=85&top_left_y=2863&top_left_x=378 Construction 70－90\％ Especially in state－funded projects
（1．） Medical Devices 25－40\％ Strategic items may require more
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=67&width=97&top_left_y=3042&top_left_x=372 Railway Infrastructure 60－70\％ Rolling stock and components
त्या）回 Textile \＆Footwear Varies Encouraged under import－ substitution efforts
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=69&width=95&top_left_y=3206&top_left_x=371 Shipbuilding 50－70\％ Depends on vessel type
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=80&width=81&top_left_y=3282&top_left_x=380 Defense Industry 50－85\％ Weapons，vehicles，systems
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=84&width=85&top_left_y=3357&top_left_x=376 Broadcast Equipment 20－40\％ TVs，set－top boxes
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=74&width=87&top_left_y=3450&top_left_x=375 Pharmaceuticals Under development Focus on API production
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=83&width=85&top_left_y=3531&top_left_x=374 Mining Equipment 30－50\％ Depends on type
https://cdn.mathpix.com/cropped/2025_07_25_e3bc4940d841f7dc657eg-5.jpg?height=82&width=81&top_left_y=3617&top_left_x=376 Telecom Towers 60－70\％ Universal access and rural areas| | Sector | Local Content Requirement （TKDN） | Notes |
| :--- | :--- | :--- | :--- |
| $\square$ | ICT（Electronics） | 35\％for smartphones （4G \＆5G） | Applies to manufacturers selling in Indonesia |
|  | Automotive | 80\％for ICE，40－80\％for EVs | EV TKDN roadmap：40\％（2023）， 60\％（2026），80\％（2030） |
|  | Power Generation | 40－60\％ | Depends on type（coal，hydro， solar，etc．） |
|  | Oil \＆Gas | 25－50\％ | Upstream equipment and services |
|  | Construction | 70－90\％ | Especially in state－funded projects |
| （1．） | Medical Devices | 25－40\％ | Strategic items may require more |
|  | Railway Infrastructure | 60－70\％ | Rolling stock and components |
| त्या）回 | Textile \＆Footwear | Varies | Encouraged under import－ substitution efforts |
|  | Shipbuilding | 50－70\％ | Depends on vessel type |
|  | Defense Industry | 50－85\％ | Weapons，vehicles，systems |
|  | Broadcast Equipment | 20－40\％ | TVs，set－top boxes |
|  | Pharmaceuticals | Under development | Focus on API production |
|  | Mining Equipment | 30－50\％ | Depends on type |
|  | Telecom Towers | 60－70\％ | Universal access and rural areas |
－Local content requirements（Tingkat Komponen Dalam Negeri（TKDN））in Indonesia are regulations that mandate a certain percentage of goods or services used in a project or product must originate locally，i．e．，produced in Indonesia．These requirements aim to support domestic industries，create local employment， and encourage technology transfer． －印度尼西亚的本地内容要求（Tingkat Komponen Dalam Negeri（TKDN））是规定项目或产品中使用的货物或服务必须有一定比例来自本地，即在印度尼西亚生产的法规。这些要求旨在支持国内产业，创造本地就业，并促进技术转让。
－The policy is applied cross strategic sectors such as oil \＆gas，power，telecommunications， automotive，and manufacturing to promote domestic industry development and reduce import dependency． －该政策适用于石油与天然气、电力、电信、汽车和制造等多个战略行业，以促进国内产业发展并减少对进口的依赖。
－The requirement range from 20-90%20-90 \% depending on the sector and type of goods or services． Foreign investors and vendors are encouraged to partner with local manufacturers，source materials domestically，or establish local operations to comply with these mandates． －要求根据行业和货物或服务类型的不同，范围从 20-90%20-90 \% 起。鼓励外国投资者和供应商与本地制造商合作，国内采购材料，或建立本地运营以遵守这些规定。
In Indonesia, a limited liability company is called Perseroan Terbatas (PT) 在印度尼西亚，有限责任公司称为 Perseroan Terbatas（PT）
The two types of PT are: (i) locally owned company (PMDN) with 100%100 \% Indonesian shareholders; and (ii) foreign-owned company (PMA), which involves any % of foreign shareholding PT 的两种类型是：（i）本地所有公司（PMDN），拥有 100%100 \% 名印尼股东；（ii）外资公司（PMA），涉及任何比例的外资持股
Foreign-owned company, PMA, must comply with the Presidential Regulation No. 10//2021\mathbf{1 0 / 2 0 2 1} on the Positive Investment List for applicable sectorial restrictions/conditions and to verify whether the business sector allows foreign ownership. The following is a simple guide of what’s needed to set-up a PT: 外资公司 PMA 必须遵守总统令第 10//2021\mathbf{1 0 / 2 0 2 1} 号关于积极投资清单的规定，适用于相关行业的限制/条件，并核实该业务领域是否允许外资所有权。以下是设立 PT 所需的简单指南：
Information Required 所需信息
Company name: must be unique, in Bahasa Indonesia, and approved by the Ministry of Law and Human Rights (MOLHR). 公司名称：必须唯一，使用印尼语，并经法律与人权部（MOLHR）批准。
Registered business address in a commercial 注册的商业地址
zone. 区域。
Shareholders with a minimum of 2 and can be individuals or legal entities. 股东最少 2 名，可以是个人或法人。
Appoint directors and commissioners. 任命董事和监事。
Business activity code / KBLI code (Indonesia Standard Industrial Classification) 商业活动代码 / KBLI 代码（印度尼西亚标准行业分类）
Tax and Domicile Requirements 税务和住所要求
Register for Tax ID (NPWP - Nomor Pokok Wajib Pajak) at the local tax office. 在当地税务局注册税号（NPWP - 纳税人识别号）。
Domicile letter, if required. 住所证明信，如有要求。
Enroll with BPJS for social security and health. BPJS (Badan Penyelenggara Jaminan Sosial) is Indonesia’s national social security agency with two main branches, i.e.: (i) BPJS Kesehatan (Health Social Security Agency); and (ii) BPJS Ketenagakerjaan (Workers Social Security Agency) 注册 BPJS 以获得社会保障和医疗保障。BPJS（Badan Penyelenggara Jaminan Sosial）是印度尼西亚的国家社会保障机构，主要分为两个分支，即：（i）BPJS Kesehatan（健康社会保障机构）；（ii）BPJS Ketenagakerjaan（工人社会保障机构）
Establishment of Legal Entity 设立法人实体
Draft the Deed of Establishment with a notary in Bahasa Indonesia. 用印尼语与公证人起草设立契约。
Legalize the deed at the Ministry of Law and Human Rights (MOLHR). 在法律与人权部（MOLHR）对契约进行合法化。
Register through OSS (Online Single Submission) 通过 OSS（在线单一提交）注册
The Ministry of Investment and Downstream Industry (BKPM) provides both (i) Legal Documentation and Information Network and (ii) Online Single Submission Regulations. 投资与下游工业部（BKPM）提供（i）法律文件和信息网络以及（ii）在线单一提交法规。
OSS is a one-stop portal for: Business Registration Number (NIB) and business licenses, among others. OSS 是一个一站式门户，提供营业执照号码（NIB）和营业执照等服务。
Corporate Bank Account 企业银行账户
Required for capital injection and business operations. 资本注入和业务运营所需。
PMA companies usually need to show a minimum capital of IDR 10bn or equivalent to ~US$650,000; unless exempted for specific sectors. PMA 公司通常需要显示最低资本为 100 亿印尼盾，约合 65 万美元；特定行业除外。
For PMAs: Submit Investment Activity Reports (LKPM) quarterly to BKPM 对于 PMAs：每季度向 BKPM 提交投资活动报告（LKPM）
On average, it takes about 2-4 weeks to set up a local PT and 4-6 weeks for a PT PMA, depending on complexity 平均而言，设立本地 PT 大约需要 2-4 周，设立 PT PMA 则需要 4-6 周，具体时间取决于复杂程度
Incentive frameworks and government subsidies for tech-related sectors, with a specific focus on data center 针对科技相关行业的激励框架和政府补贴，特别关注数据中心
Presented by: 演讲者：
Johan Batubara, Director of Investment 约翰·巴图巴拉，投资总监
Source：Mandiri Sekuritas 来源：Mandiri Sekuritas
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