I would like to stress that a shift of power would not result in significant changes and unexpected policies
Badung, Bali (ANTARA) - The holding of general elections on February 14, 2024, would not disrupt oil and gas investments in Indonesia, expert staff at the Presidential Staff Office (KSP) Hageng Suryo Nugroho stated on Friday.

Nugroho noted that the holding of general elections in the past decade had never caused political instability in the country.

"I would like to stress that a shift of power would not result in significant changes and unexpected policies," he remarked during a panel session of the 2023 International Convention on Indonesian Upstream Oil and Gas (ICIUOG) in Badung District, Bali Province.

However, he affirmed that the government would take mitigatory measures, including by formulating and implementing beneficial investment regulations, to ensure that the 2024 general elections do not harm the country's investment climate.

The government will continue to pay close attention to the efforts to provide an even higher level of convenience to business actors since it envisions Indonesia as the sixth-largest economy in the world by 2045 in terms of the gross domestic product, he emphasized.

"A change in presidency will not hinder the government's commitment to ensuring the smooth running and sustainability of businesses," Nugroho affirmed.

Earlier, on Wednesday (September 20), the first day of the 2023 ICIUOG, Finance Minister Sri Mulyani made a similar statement, saying that investors should not harbor concerns over potential adverse impacts resulting from the General Elections.

"I can assure you that an election is not a source of uncertainty, but it is a practice of democracy that we should sustain," she told business actors.

The minister highlighted the government's readiness to support investors by implementing well-calculated fiscal policies in the hopes of increasing the realization of investments in upstream oil and gas, with the end goal of producing one million barrels of oil per day and 12 billion standard cubic feet per day in 2030.

Sri Mulyani then outlined two major challenges related to the domestic upstream oil and gas sector currently faced by the government.

The government should be able to ensure that the sector can contribute to the country's energy resilience without disrupting the national commitment to contributing to the global efforts in tackling the impacts of climate change, she explained.

Furthermore, Minister Mulyani affirmed that the government is committed to providing support in order to improve the performance of Indonesia's upstream oil and gas sector.

"We, the Ministry of Finance, will continue to provide fiscal flexibilities by heeding rational, fair, and critical suggestions from industries," she remarked.

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Translator: Benardy F, Tegar Nurfitra
Editor: Sri Haryati
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