TEMPO.CO, Hangzhou - In the midst of important transformations of the global economy, G20 business leaders gather in the B20 Summit to provide recommendations to the G20 Leaders in how to address current challenges and opportunities. B20 Summit is an important part of the G20 Summit, where more than 900 business leaders from 500 prominent companies delivered a number of recommendations for the G20.
Indonesia Chamber of Commerce and Industry (Kadin) spokesperson Shinta Widjaja Kamdani, in a press release received by Tempo on Monday, September 5, 2016, said that B20 agreed on four main points explained in 20 recommendations. The first point is to break a new path for global economic by, for example, encouraging entrepreneurship and innovation and developing transparent infrastructure pipelines.
In a bid to develop more effective and efficient global economic and financial governance, B20 called on G20 leaders to optimize global financial regulations, facilitate the access to finance for small and medium enterprises (SME), adopt consistent and aligned policies, strengthen intergovernmental cooperation against corruption, and promote a more transparent business environment to foster competition.
In terms of international trade and investment, B20 also recommended G20 countries to strengthen the multilateral trading system and rolling back protectionist measures, ratifying and implementing the Trade Facilitation Agreement (TFA) by the end of 2016, as well as making other policies that support global investments.
The final point delivered by B20 a call for inclusive and interconnected development by removing structural impediment to increase young people and women's participation in the labor force, developing programs to reduce mismatches between available and needed skills, improving the regulatory environment to support SME growth, promoting innovative approaches to future infrastructure, and building infrastructure interconnectivity across all sectors.
By addressing these recommendations, Shinta believes that the G20 will forge an environment that helps the international business community to trade and invest, develop new business models and create new jobs.
"KADIN Indonesia, APINDO, and the Government are working together in attaining these goals. The B20 recommendations are in line with the direction of KADIN Indonesia and APINDO are hoping to go to improve the competitiveness of local business people, attracting more foreign investment to open up more employment, and infrastructure development to improve trade efficiency," Shinta said.
FERY ANDRIANSYAH
