capital, and offering investment incentives, according to CELIOS’ Adhinegara. Economists who spoke to CNBC pointed to Vietnam as a country that has managed to attract more tech investments despite not having as large of a local consumer market as Indonesia. Instead of strict local content requirements, Vietnam has successfully leveraged investment incentives, consistent policies and strong infrastructure relative to its regional peers, they said. The country has also has managed to set up a free trade agreement with Europe, whereas Indonesia is still trying to reach terms on a deal. Vietnam has also been one of the main beneficiaries of shifting supply chains from China amid growing U.S.-China trade tensions. According to Adhinegara, Indonesia may soon be presented with a prime opportunity to attract diverted manufacturing, with Donald Trump set to return to the White House. The president-elect has proposed massive escalations of tariffs on China, which could trigger another trade war and shake up Asian supply chains. However, unless the Indonesian government understands why companies like Apple have chosen Vietnam over it in the past, they could miss out once again, said Adhinegara. While Indonesia’s foreign direct investment has been growing over the years, its FDI as a share of GDP has only decreased over the past two decades, according to data from the World Bank.