Indonesia’s Newly Established Sovereign Wealth Fund: A New Chapter in Indonesia’s Economy
To meet national development goals, Indonesia needs foreign investment and an institution that can be a strategic investment partner, with a strong legal and institutional basis, which applies international practices, professional standards and can act as the “middleman” for those interested to invest in Indonesia. To address this issue and as mandated by Law No. 11 of 2020 on Job Creation which came into effect on 2 November 2020 (known as the “Omnibus Law”), the Government of Indonesia (“GOI”) has officially established a sovereign wealth fund, known as the Indonesian Sovereign Wealth Fund or the Indonesia Investment Authority (Lembaga Pengelola Investasi – “LPI”).
This publication provides introduction to the LPI as Indonesia’s newly established sovereign wealth fund based on applicable laws and regulations by also taking into account some issues to be considered for ensuring the LPI will reach its purposes and objectives, such as among others, issues relating to the LPI’s permitted activities, governance, public transparency and accountability.
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The Minister of Energy and Mineral Resources (“MEMR”) recently issued MEMR Regulation No. 48 of 2017 on the Supervision of the Implementation of Business Activities in the Field of Energy and Mineral Resources (“Reg. 48/2017”) revoking and replacing the previous MEMR Regulation No. 42 of 2017 (“Reg. 42/2017”).
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The Change to the Procedure for Case Management of Partnership Cases
The KPPU issues a regulation to maximize the use of electronic media in case management.
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The Newly Issued Procedure for the Settlement of Discrepancy in Spatial Areas
As mandated by Law No. 11 of 2020 on Job Creation (the “Omnibus Law”) and to settle spatial utilization discrepancy issues, Government Regulation No. 43 of 2021 on The Settlement of Discrepancies between Spatial Plans, Forestry Areas, Permits and/or Land Rights (“GR 43/2021”) was issued on 2 February 2021. GR 43/2021, as the implementing regulation of Article 17.2 of the Omnibus Law, provides the procedure for the settlement of discrepancies related to spatial plans. In this advisory, we explain some of the notable provisions provided by GR 43/2021.
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The Wait is Over: Indonesia’s Carbon Exchange Can Now Open for Business
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