B20 Summit Ends with Communique, 25 Policy Recommendations

NUSA DUA, KOMPAS.com - The Business 20 (B20) Summit ended in the Indonesian resort island of Bali on Monday, Nov. 14 with the release of a communiqué and 25 policy recommendations.

The recommendations are a legacy for supporting global economic recovery from the Covid-19 pandemic, chief of B20 Indonesia Shinta Kamdani said in her closing address at the B20 Summit.

"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,” Shinta said.

B20 is the official G20 dialog forum involving the global business community. Established in 2010 and reserved for companies and business organizations, it is among the most prominent G20 Engagement Groups.

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B20 is composed of an average of over 1,000 delegates from G20 countries, including top executives from leading multinational corporations, besides around 3,000 participants representing an overall business community of over 6.5 million businesses.

According to Shinta, post-pandemic economic recovery has been reflected by businesses that have begun to make innovations to benefit from new opportunities and a trading rebound.

"Now we have opportunities for a cooperation-based new economic era. With the spirit, we are proud of delivering Indonesia's B20 communiqué, which covers our collective recommendations for G20 leaders," she said.

The B20 communiqué, which was produced under the leadership of Indonesia, covers three main elements--innovation, inclusion, and collaboration.

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Innovation focuses on efforts to open key areas of post-crisis economic growth, including opening digital opportunities in the entire economic sector, expanding cooperation in responding to cybercrimes, and raising green infrastructure funds through an innovative payment mechanism to accelerate the energy transition.

For realizing inclusion, Indonesia is encouraging the acceleration of digital transformation for empowering micro, small, and medium enterprises (MSMEs) and vulnerable groups by focusing on capability, entrepreneurship, and job creation.

Meanwhile, the spirit of collaboration between developed countries and developing nations needs to be promoted, particularly to create a just health service architecture and guidance for emergency response in the future.

“Together, we have reached a consensus with 25 policy recommendations and 68 policy actions,” the B20 chair said.

Source: State News Antara