B20 Summit closes with final communique, policy recommendations and actions
16 Nov 2022
Image source: B20 Indonesia - Press
Source: B20 Indonesia
Link to original Press Release HERE
The closing of the Business 20 (B20) Summit in Bali on November 14, 2022, ended with the issuance of a final communique, a 25-point policy recommendation.
The communique, said the Chief of B20 Indonesia, Shinta Kamdani, was the forum’s legacy in supporting global economic recovery from the COVID-19 pandemic.
The communique covers the three main elements of innovation, inclusion and collaboration, while the 25-point policy recommendation tackles a number of global issues that are in line with the G20 main pillars, namely global health architecture, digital transformation, and energy transition.
"I remember when the Indonesian President asked B20 to cooperate in contributing to economic recovery and now we are entering a new era with magnificent reboot and ability to manage and even get out of the crisis,” said Ms. Kamdani, as quoted by Kompas daily.
A part of Indonesia’s presidency of the G20 this year, the B20 stands for the global business community and is among the most prominent G20 engagement groups. Established in 2010, this year’s B20 saw around 3,000 participants from G20 countries representing over 6.5 million businesses.
The Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia, during the Ministerial Talk at the B20 Summit, said, “The government issues regulations and policies, but in the end, it is the private sector or businesses that will implement these policies. For this reason, there is a broader role for the private sector, one of which is to encourage the creation of sustainable investments that are environmentally friendly and [answer the question of] how we can collaborate to achieve the target of net zero emissions".
Arsjad Rasjid, Chairman of The Indonesian Chamber of Industry and Commerce (KADIN Indonesia) and the host of B20 Indonesia said, through the B20, KADIN Indonesia took an active role in channeling the aspirations of entrepreneurs or business people to develop productive and innovative steps for the sake of the national and global economy.
Mr. Rasjid underlined that the government has the authority to produce, evaluate, and implement regulations. While on the other hand, the business community has the ability, in terms of practicalities and resources, to produce economic transformation and help the community in improving their welfare and quality of life.
“We believe that all the policy recommendations and the B20 legacy, which is key to global economic recovery, will be executed. The policy recommendations can be adopted and implemented by the G20 member countries, who represents the 6.5 million-strong international business community in influencing the world’s social economic path while further contributing 80 percent of the global gross domestic product,” he said.