A huge part of me is kicking myself for not participating in the Jakarta leg of GOAP SEA 2014 — what a fascinating market.
– Indonesia is the number one GDP country in Southeast Asia
GDP (PPP): $878 billion USD
Thailand is second in SEA with GDP of $643 billion USD
– Indonesia is the fourth country with highest GDP in Asia
China is first in APAC with $8.2 trillion USD
Japan is second with $6 trillion USD
South Korea is third with $1.2 trillion USD
Indonesia $878 billion USD
– Indonesia is the 4th most populated country in the world
population: 252 million people
the US has a population of 318 million people
– Indonesians spend a lot of time on the Internet, mainly on desktop / laptops. Mobile is still at its infancy.
– eCommerce transactions are completed by bank transfers. No cash is exchanged. The interbank transfers are free because of the Bank Indonesia Act (BI Act) *if you’re interested, there is a legal document here explaining detailed legalities.
– GS predicts eCommerce will grow the most in SEA in the upcoming years
– Under a revised law, Indonesia just increased foreign VC money allowed from 80% to 85% source
I was at first a little puzzled by Justin’s assessment that Singapore and Indonesia is where a majority of the VC funds in SEA would be focused, but I think I get it now. There are parts of me that wonders if Indonesia’s market could still be premature, with such low Internet / mobile penetration rates. And Singapore is too small but I still have so much to learn. Wishing I discovered this region sooner and I can’t wait to see Indonesia for myself.