With increasing economic growth and controlled inflation rate, Indonesia promises a lucrative market for wealth management business, a senior official of Hong Kong Shanghai Banking Corporation Ltd. (HSBC) Indonesia said on Tuesday.

Alfred Rinaldi Triestanto, HSBC Indonesia Assistant Vice President Investment Sales, said that as one of surviving country with positive economic growth that continues to improve in the coming years, Indonesia promises robust market for personal investment portfolios offered in wealth management services.

"With an estimated Gross Domestic Product (GDP) growth at 5.8 percent this year, or the third largest in Asia after China and India, Indonesia would be a promising market for wealth management service," Alfred cited to HSBC's estimation on Indonesia's GDP this year on the sidelines of the London-based bank's Wealth Management workshop session held in Jakarta.

The ongoing positive economic perimeters in the country are in place to encourage more people to invest in personal investment portfolios, Alfred said.

The government has set economic growth target at 5.5 percent this year, or higher than the one reached last year at 4.3 percent. The government managed to control inflation rate at below 5 percent last year, or the first one happened in the last decade.

Alfred believed that the number of Indonesian people who prefer to invest in mutual funds, bonds and other notes would be increasing from the figure resulted in HSBC's recent survey disclosed late last year.

According to the result of HSBC's Mass Affluent Tracker survey released in December 2009, among people in 12 Asian countries, Indonesia had the lowest rate of people investing in personal investment portfolio, at a range of 2 to 3 percent from more than 230 million of population.

Most people in Indonesia prefer to invest in relatively low- risk investment portfolios, such as time deposit and protected mutual fund, the survey result said.