The next major headache for the Indonesian government may not be foreign portfolio outflows. It may be Chinese investors quietly looking for the exit.
Reports of Tsingshan considering Madagascar, Lygend looking at Tanzania, and renewed interest in New Caledonia should not be dismissed as isolated developments. They are signals. Capital rarely leaves overnight. It leaves gradually, one project at a time.
The concern is not that existing operations will suddenly shut down. Billions of dollars have already been invested and those assets cannot simply be picked up and moved elsewhere. The bigger issue is future capital allocation. Once investors begin directing incremental investment toward alternative jurisdictions, the long-term growth trajectory changes.
The timing is particularly concerning because Indonesia’s broader investment momentum is already slowing. Foreign direct investment reportedly declined 6% in 2025 after growing 19% the previous year. Mining investment peaked in 2024, while new investment into base-metal refining appears to have plateaued. That should command policymakers’ attention.
This is not mine. This is yours. This is ours.
From all the players, staff and everyone involved in the club, to you guys who supported us every single day of the season.
Grateful for your love and support ❤️
This is how former Deputy Prime Minister Mr. Wong (now Prime Minister) defended Temasek after its failed investment in FTX. Saying its the nature of investment and risk taking.
In Singapore, it was treated as an investment failure. In Indo, a failed investment is framed as “corruption”. By that logic, someone should also be held responsible for IKN or Whoosh no?
I was confident I could of played a major part this summer for my country after the season I’ve had. I’ve been left shocked and gutted by the decision.
I’ve loved nothing more than putting that shirt on and representing my country over the years.
I wish the players, all the best this summer 🏴