Inforial (The Jakarta Post)
Wed, September 28, 2022
The Business 20 and Group of 20 (B20-G20) Dialogue for the Trade and Investment Task Force was held in Labuan Bajo on Friday (September 23). The location of the event was chosen to signal their support for the government’s initiative to make the city one of the most popular tourist spots in Indonesia.
The first speech was given by Shinta Kamdani, Chairman of the B20, and referred to the main objective of this discussion, which is to present policy proposals to be presented to the government. Their introduction was followed by B20 Task Force Chairman Arif Rachmat, who outlined the task force’s four recommendations for addressing the financial challenges of the future.
The policy recommendations aim, first, to promote open, fair, inclusive and efficient multilateral governance of global trade and investment, including through reform of the World Trade Organization (WTO). Second, to facilitate innovation, digitization and technology adoption to support international development and future global crisis containment. Strengthening support for the realization of inclusion in global supply and value chains as the third and final step to make trade and investment a driving value that aligns with the Sustainable Development Goals (SDGs). more environmentally friendly and sustainable development.
Coordinating Economy Minister Airlangga Hartarto underscored the optimistic outlook for Indonesia based on the huge potential offered by the country’s performance this year. He revealed that Indonesia’s investments are up 25 percent year-on-year (YoY) and that there is a surplus in the country’s credit balance. He spoke virtually on the importance of strengthening the industrial sector alongside trade and investment. He concluded by talking about how the B20 is playing a crucial role in increasing investment in support of projects that follow the SDGs.
The address by the Coordinating Minister was followed by another by Minister of Commerce Zulkifli Hasan as the fourth address of the event. Echoing what was previously said by Arif, he noted that Indonesia’s G20 presidency is promoting concrete solutions to overcome potential crises, particularly food, energy and inflation.
“Indonesia’s G20 presidency has pushed for trade and investment alignment to build and coordinate synchronization efforts for a global economic recovery, while emphasizing the importance of the industrial sector in G20 discussions,” added Industry Minister Agus Gumiwang Kartasasmita in his speech. He revealed that the G20 is driving activities on sector-related aspects to support and/or invest in developing countries around the world to promote inclusion.
The panel session began with remarks from Thani Bin Ahmed Al Zeyoud, Minister of Foreign Trade of the United Arab Emirates, and Manlio Di Stefano, Undersecretary of State at the Italian Ministry of Foreign Affairs.
The event included two panel discussions: to delve into the first two policy recommendations and to discuss the remaining two. With Sherly Susilo, Policy Coordinator of B20 Indonesia, as moderator, the panel entitled “Post-pandemic global travel and investment governance in maximizing the innovation and digitalization for global economic recovery, growth and resilience” was attended by Albert Park, Chief Economist of Asian Development Bank (ADB), Koji Hachiyama, COO of the Economic Research Institute for ASEAN and East Asia (ERIA), Barbara Beltrame, former Chair of B20 Italy and Eko SA Cahyanto, Director General of the Ministry of Industry.
The second panel “An inclusive and resilient global value chain in the context of moving towards sustainable trade and investment” was attended by Marc Schmidt from the Boston Consulting Group (BCG), Juan José Daboub, former Managing Director of the World Bank, Jasmine Begum, Director of ASEAN Legal , Government & Corporate Affairs and New Markets and Ernst Coppens, Managing Director and CFO of Bayer in ASEAN.
After an outlook on the marine economy as a driver for inclusive and sustainable economic growth by Jodi Mahardi, Deputy Coordinating Minister for Maritime Resources, at the Office of the Coordinating Ministry for Maritime Affairs and Investment, the event ended with remarks from Anurag Jain and Shreekant Somany for the prospects of the G20 in India next year. The closing remarks were delivered by Dharma Djojonegoro as Vice Chair of the Task Force.