JAKARTA, July 2 (Xinhua) -- Indonesia has begun deliberations on a bill to establish an Indonesian international financial center aimed at attracting global investment and strengthening the country's financial sector.

Photo taken on Jan. 23, 2022 shows the cityscape in Jakarta, Indonesia. (Xinhua/Xu Qin)

Finance Minister Purbaya Yudhi Sadewa said Thursday that the government had submitted the draft law to parliament as part of efforts to build a stronger, more inclusive, sustainable and globally competitive national economy.

According to him, Indonesia has strong fundamentals to play a bigger role in the global financial ecosystem, citing the country's large economy, vast domestic market, strategic geographic location, abundant natural resources and favorable long-term growth prospects.

He noted, however, that the country had yet to establish a dedicated international financial center with governance standards, legal certainty, institutional arrangements and competitiveness comparable to leading financial hubs around the world.

Under the draft law, the proposed financial center would be granted special regulatory status to support financial services, related business activities and other economic activities, while remaining an integral part of the country's territory and subject to national sovereignty.