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It has been a mixed picture for Indonesia during 2013. The jurisdiction has witnessed a period of relatively strong economic growth, political stability, rising domestic consumption and improved credit ratings, with its rich natural resources and growing consumer population making it an attractive foreign investment target.
However, growth has been slowing, with the Indonesian rupiah taking a slide and a slowdown in China and Europe hitting exports. With the 2014 elections looming, the government has focused on policies aimed at controlling foreign investment in certain sectors such as mining and banking, and the failed takeover of Danamon by Singapore-based DBS has been portrayed as a direct result of this protectionist approach. Inconsistent regulatory changes and continued concern over corruption are fuelling uncertainty among investors and having a knock-on effect by delaying badly needed infrastructure development.
Alliances continue to be a popular measure for international firms seeking to access the market including, more recently, firms based elsewhere in Asia. White & Case Pte. Ltd. has established a local association with MD & Partners, which was set up by former Hadiputranto, Hadinoto & Partners, a member firm of Baker & McKenzie lawyer Mita Djajadiredja and has among its ranks Nadia Soraya, who joined from Makarim & Taira S.. DLA Piper has partnered with Ivan Almaida Baely & Firmansyah and Singaporean firm Rajah & Tann LLP set up an alliance with Assegaf Hamzah & Partners.
Clients are benefiting from increased competition amongst domestic law firms as the trend for partner moves continues. There is now a wider pool of key players, with well-established firms such as Hadiputranto, Hadinoto & Partners, a member firm of Baker & McKenzie and Ali Budiardjo, Nugroho, Reksodiputro competing alongside growing players such as Assegaf Hamzah & Partners and Ginting & Reksodiputro in association with Allen & Overy.
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