The Indonesian parliament in Jakarta: Legislators on July 21 passed a law to enable the establishment of international financial hubs in the country. © ReutersJAKARTA (Reuters) -- Indonesia's parliament passed a law on Tuesday to enable the foundation of international financial centers designed to boost foreign investment and economic growth.All parties in parliament passed the law in an acclamation led by house speaker Puan Maharani.Southeast Asia's largest economy has long sought to develop its financial sector by creating investment products capable of attracting greater foreign capital inflows into the country, with the government pursuing an ambitious target to raise growth to 8% by 2029.The full text of the law was not immediately made available to the public following Tuesday's approval. However, authorities and lawmakers have indicated that it will offer a broad range of tax benefits to qualifying investors, modeled on the incentives provided by established financial hubs such as Dubai.The government has yet to determine the location of its first financial center, which is projected to attract up to 500 trillion rupiah ($27.89 billion) in investment. Officials have previously identified the holiday island of Bali as one potential site.Following the enactment of the legislation, Jakarta will establish a supervisory board and a dedicated governmental body for the financial centers, both of which will report to the president and parliament.The government will also set up an arbitration body and a special court to handle and adjudicate disputes arising within the financial centers.Tax incentives under the law include a 50-year tax holiday for investors that meet certain criteria, tax exemptions for income generated outside Indonesia, and selective value-added tax exemptions.