With the world’s fourth largest population, a flourishing middle class, a digitalising economy and five of the seven critical minerals for making electric batteries, Indonesia has long been considered a sleeping giant of great potential.

At a conference held by UOB Asset Management in March, Colin Ng, head of Asia equities for the financial services group, called Indonesia, a “sitting jackpot”. “When you invest in Indonesia, you are basically investing in the future,” he said.

For Indonesia’s economy — the largest in south-east Asia — the global shift to producing electric vehicles has provided a strong tailwind. The country has abundant reserves of nickel — a key mineral for creating batteries — and is aiming to become a hub for the new energy supply chain.