Market Overview

Microsoft Keen On Investing In Indonesia, Says The President, Promises Simpler Regulations

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Microsoft Keen On Investing In Indonesia, Says The President, Promises Simpler Regulations

Indonesia President Joko Widodo, on Thursday, said that Microsoft Corporation (NASDAQ: MSFT) is very keen on investing in data centers in the country.

What Happened

"Microsoft wants to invest immediately in Indonesia," Widodo said after the meeting with the technology giant's chief executive officer Satya Nadella, as reported by Reuters.

Widodo further promised to bring "new, simple regulation" within a week to support Microsoft's investment in the country.

Indonesia has been one of the fastest-growing economies in South-East Asia. A joint study by Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), Bain & Company, and Temasek Holdings rated the country the fastest growing economy in the region, especially in the digital sector, Reuters noted.

Widodo didn't give further details on what Microsoft's investment could entail and what regulation changes are planned.

The Redmond-based company celebrated its presence of 25 years in Indonesia on Thursday. The company downgraded its earnings expectations for the third quarter of this financial year as its supply chain remains impacted by the novel coronavirus (COVID-19) outbreak in China.

Price Action

Microsoft shares dropped 1.57% in the after-hours session on Wednesday after closing the regular session 1.25% higher at $170.17.

 

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