Indonesia’s economy is so dynamic it has a good combination of local-owned and foreign-owned businesses. Many of those that are domestic are also owned or controlled by the state. Today, Cekindo lists down our top 10 companies owned by foreigners. The list is in no way exhaustive, and the numbers do not denote their actual ranking. If you are looking to start a business with a multinational company in Indonesia, this article will be nice to read.
Top 10 Foreign Owned Businesses in Indonesia
Unilever is a Dutch brand that has established presence in more than 100 countries. Founded in 1930s, it has a market capitalization of $143.9 billion as of May 2017. In Indonesia, the brand has over 6,000 employees, found in 1933.
2. HM Sampoerna
One of the biggest tobacco companies in the country, HM Sampoerna became famous with its kretek cigarettes. It is a combination of cloves, tobacco, and other surprising flavors. A Chinese Indonesian immigrant named Liem Seeng Tee founded the company in 1913 and maintained control of it until Philip Morris International acquired approximately 97 percent of it.
3. Astra International
Astra International is one of the largest publicly listed firms in the country. Since it is a holdings company, it operates in various industries including but not limited to automotive, financial services, infrastructure, and information technology. But while its CEO is an Indonesian, Prijono Sugiarto, Jardine Matheson, a British conglomerate own 50.1 percent of its share.
While having its main Asian headquarters in Singapore, Google (whose physical office in the country is located in Kebayoran Baru, Jakarta) generates revenues from Indonesian advertisers. And its tax trouble can give you a pretty good idea how profitable the Indonesian market is.
5. Marriott International
Marriott is a famous hospitality brand with a presence in over 100 countries. In 2015, its estimated income is more than $580 million. While it specializes in luxe accommodation, it also has facilities that are more budget-friendly or perfect for long-term stays.
Maybank is one of the largest banks in terms of market capitalization and assets in Southeast Asia. Although it is very popular in Indonesia, it is actually a Malaysian brand. You can also find it in Singapore. Currently, it has around 45,000 employees across its 2,400 offices in 20 countries around the world.
Oil and gas is one of the stable and big industries in the country, and a key player is MedcoEnergi. Encore Energy Pte Ltd control about 50.7 percent of the business. This company is based in Singapore.
While GM has already bid goodbye, Toyota continues to expand. This year, it has appointed the first local president director for its manufacturing facility. It has also committed to pouring $15 billion as investments until 2019.
A very popular cosmetics firm, L’Oreal has its headquarters in Clichy, France. There are two L’Oreal divisions operating in Indonesia, one for marketing and distribution, the other for manufacturing.
10. Exxon Mobil
Another huge player in oil and gas is Exxon Mobil, an American multinational firm with a total revenue of over $218 billion in 2016. In Indonesia, it has been around for more than 100 years.
Top Multinational Companies in Indonesia in 2020
In terms of market value, the following multinational companies top the list, as of August 2020. Compared to the list above, there have been switches that are interesting to see.
1. PT Bank Central Asia Tbk. (USD 53.06 billion)
2. PT Bank Rakyat Indonesia (Persero) Tbk. (USD 29.63 billion)
3. PT Unilever Indonesia Tbk. (USD 21.27 billion)
4. PT Telekomunikasi Indonesia Tbk. (USD 19.81 billion)
5. PT Bank Mandiri (Persero) Tbk. (USD 19.36 billion)
6. PT Astra International Tbk. (USD 14.59 billion)
7. PT Hanjaya Mandala Sampoerna Tbk. (USD 13.84 billion)
8. PT Chandra Asri Petrochemical Tbk. (USD 8.91 billion)
9. PT Bank Negara Indonesia (Persero) Tbk. (USD 6.33 billion)
Doing Business in Indonesia by Starting a Multinational Company
Will your business grow as huge as this in Indonesia? Who knows? One thing is for sure: don’t wait until later to start investing here. It’s a fabulous, electrifying economy that gives you a lot of opportunities for growth, market penetration, and diversification.
When it comes to setting up and operating your business in by establishing a multinational company in Indonesia, Cekindo is ready to provide you with complete, reliable, fast, and efficient business support solutions from company registration to HR recruitment, payroll processing, and serviced offices in Jakarta, Bali and Semarang.
Don’t hesitate to contact us discussing deeper about the business opportunities in Indonesia.