Jakarta. As Indonesia’s capital market marks its 48th anniversary, regulators have unveiled an ambitious five-year roadmap to lift market capitalization by almost 50 percent to Rp 20,000 trillion ($1.23 trillion) by 2029, aiming to position the nation among the world’s ten largest exchanges.

“Our target is to have a market cap-to-GDP ratio of 60 percent by 2029, which will make the capital market a significant driver of national economic growth,” The Indonesia Stock Exchange (IDX) President Director Iman Rachman told reporters in Jakarta on Monday.

The benchmark Jakarta Composite Index (JCI) has gained 6.41 percent year-to-date, closing at 7,533.385, despite being briefly pressured by US tariff announcements last month. Market capitalization reached a record Rp 13,781 trillion on July 29, surpassing last year’s peak, and stands at Rp 13,600 trillion as of early August, ranking Indonesia 17th globally, just below Thailand.

Other targets include raising the number of listed companies from 943 in 2024 to 1,200 by 2029 and boosting average daily stock trading liquidity from Rp 12.85 trillion to Rp 20 trillion. The domestic investor base has surged 18 percent to 17.59 million as of Aug. 8, with local investors now holding 62.19 percent of the total Rp 8,927 trillion in assets.

Derivative market activity has also surged, with traded contract volumes up 369 percent year-on-year to 8,573 contracts by August 8. Bond market liquidity has soared, with an average daily turnover of Rp 6.1 trillion,  nearly five times higher than a year ago.

Iman said Indonesia could break into the world’s top 10 exchanges by market capitalization by 2029–2030 if corporate earnings growth continues and foreign investor interest remains strong. “We’re confident these records can be surpassed as domestic and global company performance improves,” he said.