Minister Of Investment Responds To TikTok Shop Officially Joins Tokopedia

Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia. (Photo: Doc. ANTARA)

JAKARTA - Investment Minister/Head of BKPM Bahlil Lahadalia opened his voice regarding TikTok Shop which was reopened by cooperating with Tokopedia.

Bahlil said the merger of the two was just waiting for BKPM's approval.

"The mechanism is B2B because TikTok and Tokopedia only have approval," he said when met at the Media Center Indonesia Maju, Monday, December 11.

He emphasized that previously TikTok only held permission as social media and not with a sale and purchase permit.

With the cooperation between the two, Tokopedia has indeed obtained a sale and purchase permit so that this collaboration can continue.

"Tokopedia has been allowed to transact via digitalization and yesterday the platform was only social media, there was no sales platform. If Tokopedia platforms are for business, it doesn't matter," explained Bahlil.

Previously, PT GoTo Gojek Tokopedia Tbk (GoTo) as the parent of Tokopedia said that the joining of the TikTok e-commerce platform with Tokopedia was a strategic partnership to strengthen digital economic growth in Indonesia.

"Tokopedia and TikTok Shop Indonesia business will be combined under PT Tokopedia, where TikTok will have control over PT Tokopedia. Shopping service features in the TikTok application in Indonesia will be operated and managed by PT Tokopedia," Goto said in a press release, Monday, December 11, 2023, quoted by VOI.

TikTok is said to have disbursed funds amounting to 1.5 billion US dollars or around Rp. 24.3 trillion to control GoTo's e-commerce unit.

The funds were used to buy 75.01 percent of GoTo's Tokopedia shares for $840 million and inject the TikTok Shop business in Indonesia into a larger Tokopedia entity.

"TikTok has invested more than 1.5 billion US dollars, as a long-term commitment to supporting Tokopedia's operations, without further dilution on GoTo's ownership in Tokopedia," GoTo said.

The agreement is expected to be completed in the first quarter of 2024. Both parties will form a committee to facilitate the transition and integration known to GoTo CEO Patrick Walujo, with the support of representatives of PT Tokopedia and TikTok.

Dalam kesepakatan investasi ini, Goldman Sachs perusahaan investasi asal Amerika Serikat ditunjuk sebagai pendampingan keuangan untuk Grup GoTo.