B20 Forum Discusses Four Economic Policy Recommendations for the G20 Summit

Chair Trade & Investment Task Force B20 Arif Rachmat. (Photo: Special)

JAKARTA - Business Forum 20 (B20) discussed four recommendations for inclusive economic policies that will be presented at the G20 Summit, namely free trade, digital economy, inclusiveness, and a green economy.

"Indonesia's G20 presidency is expected to produce a breakthrough that can help the world's economic recovery after the COVID-19 pandemic", said Chair of Trade & Investment Task Force B20 Arif Rachmat as quoted by Antara, Friday, October 7.

The aspect of inclusive economic recommendations is to ensure that business investment has a positive impact on all parties, including by involving Micro, Small, and Medium Enterprises (MSMEs) in the global value chain.

It is stated that MSMEs will be empowered through increasing expertise and expanding access to finance markets and technology.

The B20 Forum is also preparing various legacy programs that are expected to be carried out by B20 member companies and can be passed on to the next presidency.

One of the legacy programs initiated is a partnership with MSMEs through the Inclusive Closed Loop scheme to make MSMEs the main focus in driving the economy in Indonesia and globally.

In addition, the collaboration between the government and the private sector is also the main key to economic recovery.

Co-Chair of the Trade & Investment Task Force B20 Dr. Juan José Daboub conveyed the urgency of involving the business community in the B20 aimed at making the voices of the private sector heard for the realization of better policies.

"This forum supports the target of the Indonesian G20 Presidency regarding the real role of business players to encourage digital transformation, as well as expand MSME access so that they can compete and become part of the global supply chain through the Inclusive Closed Loop scheme", he said.

The role of various corporations is said to have helped business development and increased the competitiveness of MSMEs.

One of them is the Sampoerna Entrepreneurship Training Center (SETC) program initiated by Philip Morris International (PMI) affiliate in Indonesia, PT HM Sampoerna Tbk.

Through SETC, he said, Sampoerna supports the government's efforts to accelerate economic growth through a continuous commitment to empowering and developing the capabilities of MSMEs.

For 15 years, SETC is said to have supported the upgrading of business skills for more than 60,000 trainees from across Indonesia.

“Through the B20 forum, we also contribute, both in providing advice and sharing experiences regarding real efforts to support MSMEs to be more competitive and encourage economic growth. Collaboration between business actors and MSMEs also requires full support from the government, namely in the form of inclusive policies and programs involving all stakeholders, without exception", he said.