Indonesia – the world’s third-largest democracy – is the next up in the global “Year of Elections,” with voters headed to the polls on February 14. (Your managing editor, having just returned from vacation to Southeast Asia, can personally speak to the vast amount of campaign posters papering the streets of Jakarta in the leadup to the country’s upcoming election).
On the ballot are three presidential candidates vying to replace extremely popular incumbent Joko ‘Jokowi’ Widodo, who has reached his two-term limit. Riding highest in the polls is current Defense Minister Prabowo Subianto and his running mate Gibran Rakabuming Raka, who happens to be Jokowi’s eldest son.
The ticket has created concerns about dynasty-building and favoritism, as the country’s Constitutional Court had to make an exception to its vice presidential age limits for the 36-year old Raka to join the ballot. Furthermore, Subianto has been dogged by accusations he was involved in human rights abuses in Papua and East Timor in the 1990s, as well as kidnapping and torture of pro-democracy activists, though he denies the allegations and was never charged.
What else is at stake for this emerging regional powerhouse?
All candidates seem to agree modernizing and strengthening the country's industrial base, export competitiveness and infrastructure are key goals. In other words, policies straight from the ‘Jokowinomics’ playbook. According to analysts, where they differ is how to get there, including the role of government vs. private sector initiatives and protectionism vs. liberalization.
One particularly divisive issue is the proposed $30 billion relocation of the capital from a sinking Jakarta to Nusantara in Borneo.
With each candidate proposing a slightly different version of Indonesia's economic future, it’s no surprise regional investors are keeping a watchful eye on the result.