G20 Presidency, UN Climate Change Conference & Shock Constitutional Court Ruling
On 31 October 2021, Indonesian President Joko Widodo was handed a hammer by Italian Prime Minister Mario Draghi. And it was a hammer and transaction with great symbolic value because it symbolized the transfer of the Group of Twenty (or G20) presidency from Italy to Indonesia.
From 1 December 2021 to 30 November 2022 Indonesia chairs the G20 under the theme ‘Recover Together, Recover Stronger’. At the occasion, Widodo said the theme refers to Indonesia’s commitment to:
“Encourage joint efforts for world economic recovery and to seek inclusive, people-centred, environmentally friendly, and sustainable growth. These efforts have to be carried out in extraordinary ways, especially via stronger global collaboration, and relentless innovation. The G20 must be the engine of ecosystem development that drives the collaboration and innovation.”
Meanwhile, Indonesian Finance Minister Sri Mulyani Indrawati said the following:
“The G20 has proven that it constitutes an international forum that makes a very valuable contribution to determine the global standard". Through the chairmanship Indonesia will place emphasis on three pillars:
(1) Promote a productive and evenly balanced global economy, which includes even access to COVID-19 vaccines, and optimized efficiency in economies through digital technology, particularly for the micro and small-scale entrepreneurs, who still face difficulty accessing capital and markets;
(2) Encourage the strengthening of stable and sustainable monetary and financial systems as this will help the developing countries to weather the storm in a crisis like the COVID-19 crisis; and
(3) Foster sustainable and inclusive economic growth.
It is the first time since the G20 was established (in 1999) that Indonesia chairs this organization, and we can indeed imagine it is an honourable position for Indonesia. Besides being an honour, this position could also be of strategic importance because (a) as chair Indonesia has some influence on policy directions, and (b) it can present itself a bit more on the global stage, putting itself in the global spotlights.
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This article discusses:
- What does Indonesia (government and Bank Indonesia) want to put on the agenda as chair of the G20?
- Indonesia's participation at the UN's Climate Change Conference (commonly referred to as COP26).
- The impact of the Constitutional Court's ruling to label the Omnibus Job Creation Law "unconstitutional".
Read the full article in the November 2021 report. This report can be ordered by sending an email to info@indonesia-investments.com or a message to +62.882.9875.1125 (including WhatsApp).
Price of this (electronic) report:
Rp 150,000
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Take a glance inside the report here!
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