To avoid a country that feels more entitled and smarter to regulate other countriesBadung, Bali (ANTARA) - The Ministry of Investment and Investment Coordinating Board (BKPM) on Monday officially unveiled the Bali Compendium, which seeks to encourage mutual respect for the investment policies of each G20 country based on their advantages.
Speaking at "The Introduction to the G20 Bali Compendium & the Launch of Sustainable Investment Guidelines” event in Jimbaran, Bali, on Monday, Minister of Investment and head of the BKPM, Bahlil Lahadalia, said that the Bali Compendium is one of the results of an agreement reached by the investment cluster during the G20 Trade, Investment, and Industry Ministerial Meeting (TIIMM) last September.
According to him, the Bali Compendium has been motivated by the importance of mutual respect between G20 countries in determining the direction of each country's investment policy, based on its competitive advantage.
"Why are we formulating the Bali Compendium? To avoid a country that feels more entitled and smarter to regulate other countries," Lahadalia said.
Such an attitude is no longer relevant for tackling current global developments, he added.
"Therefore, we have formulated investment policy directions for each country, in terms of comparative advantage and in accordance with the constitution and culture of that country," he informed.
Lahadalia further said that Indonesia cannot be compared to America or other European countries, including in matters of investment policy.
“This Bali Compendium is a compilation of input from all countries, which have then been compiled by the Ministry of Investment. This is the first time this has happened since Indonesia became independent. This contribution is not only domestic but reaches the global level, especially G20 countries," the minister added.
He also expressed his gratitude for cooperation from the United Nations Conference on Trade and Development (UNCTAD) in compiling the Bali Compendium, which will later be used as a guide by G20 countries.
Meanwhile, UNCTAD Secretary-general Rebeca Grynspan expressed her appreciation to Minister Lahadalia for his support and solidarity with other developing countries.
Grynspan said the Bali Compendium contains relevant experiences related to the promotion of sustainable investment from all G20 countries and other partner countries.
The Bali Compendium will serve as the basis for policymakers from various G20 countries for developing investment promotion strategies, according to their advantages, for sustainable development, she added.
"This compendium comes at the right time when the world is in crisis and facing severe inequality and chronic instability. This compendium offers smart solutions to the investment challenges we face," she said.
The G20 Compendium on Promoting Investment for Sustainable Development (Bali Compendium) prepared by UNCTAD contains a summary of investment policies in key sectors that can help support investment promotion for sustainable development.
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Translator: Ade Irma J, Resinta S
Editor: Sri Haryati
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