AFTER building strong brands at home, some Singapore retailers now aim to reach consumers in Indonesia – South-east Asia’s biggest market with a population of 279 million, an expanding middle class and a retail sales industry projected to reach US$243 billion in 2026.
“Indonesia is primed for growth of any foreign businesses that are looking to seek out opportunities,” said Lee Haoming, chief executive officer of venture builder Louken Group.
But while appealing, the market is complex. Regulations and policies change rapidly, and the recent change of government means that businesses are proceeding with caution, said Lee. Cultural and language differences are also barriers.
