Morgan Stanley to put up Indonesian brokerage

Morgan Stanley plans to set up a brokerage business in Indonesia in the middle of next year to capitalize on its accelerating economy.

“We’ve been excited about Indonesia for the past few years,” James Gorman, Morgan Stanley’s CEO, said in a statement distributed in Jakarta on Thursday.

Groman said thre company carefully reviewed the circumstances before decideding to put up the equity brokerage business Indonesia, which has become a focus of foreign investors and had become comparable to Brazil, Russia, India and China.

Hec cited the country’s demographic profile, strong corporations and booming commodity sector as the compelling reasons for wanting to decision.

Gorman said the brokerage unit would encourage foreign investment in Indonesia, especially in its key sectors.

“Indonesia has strength in the commodities sector and the consumer sector, it has an evolving domestic market and the banking sector is in a very good shape,” he said.

Andy Purwohardono, president director of Morgan Stanley Asia Indonesia, revealed they were trying to become a member of the Indonesia Stock Exchange.

“We are currently negotiating with a bourse member for its seat,” Andy said.

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