Dr. Ahmad Rizky M. Umar’s Post

Exciting developments as Indonesia aims to join the OECD in the next three years! 🇮🇩🌍 Join the conversation on the challenges, opportunities, and regional implications of this strategic move for Indonesia and the broader Indo-Pacific. #Indonesia #OECD #EconomicDevelopment #Governance #IndoPacific 🌟 https://lnkd.in/e4Aj7dkS

The Organisation for Economic Cooperation and Development (OECD) has decided to process Indonesia's bid to become its new member, making Indonesia the first Southeast Asian country and the third Asian country after Japan and South Korea to potentially join the organisation. The OECD Council has agreed to open discussions on Indonesia's accession, following the country's expressed interest in joining. Indonesia has been a key partner of the OECD since 2007, and the organisation's support will help Indonesia in formulating progressive national policies. A road map will be developed to guide Indonesia towards meeting OECD standards, focusing on issues such as free trade, governance, integrity, and environmental protection. With support from other countries, Indonesia's accession to the OECD is seen as a significant step towards enhancing its global standing, attracting investments, and promoting economic growth. #BritChamID #Indonesia #EconomicGrowth

“The bids by Indonesia and Thailand to join the OECD - OCDE represent not only a strategic move for the countries themselves but also a notable shift in the dynamics of global governance to be more inclusive and relevant. In seeking to join the OECD, Indonesia and Thailand are signalling they want to align their policies with international best practices and governance standards. The bids may also boost investor confidence, helping to attract new investments and drive economic growth.” German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) Thai Corporate Counsel Alliance Indonesian Corporate Counsel Association

Indonesia Aims for OECD Membership in 2-3 Years Indonesia is aiming to become a member of the Organisation for Economic Co-operation and Development (OECD) within the next two to three years, according to a senior cabinet minister. This announcement comes after the OECD, a group of 38 mostly developed economies, agreed to open accession discussions with Indonesia last week. Reasons for Joining the OECD: • Attract investment and trade: Indonesia believes joining the OECD will help attract more foreign investment and trade deals. • Compliance with standards: The country claims to already comply with many of the OECD's standards, including those related to fair competition and anti-corruption. Timeline and Process: • Roadmap development: Indonesia will work with the OECD to create a roadmap outlining the terms and conditions for accession. This roadmap is expected to be presented in May. • Examination: Indonesia's commitment to trade, anti-corruption, and climate change will be rigorously examined to ensure it meets OECD standards. • No set deadline: The timeframe for completing the accession process is unclear and depends on Indonesia's ability to adapt to OECD standards. #Significance: This is the first time a Southeast Asian nation has applied for OECD membership. If successful, it could signal Indonesia's growing economic importance and its commitment to international economic cooperation.

Update from Indonesia 🇮🇩 With the newly-established cabinet under Prabowo’s leadership, we need to identify the go-to-person in terms of economic cooperation. These three names might catch your bigger attention: Luhut Binsar Pandjaitan, formerly positioned as the Coordinating Minister for Maritime Affairs and Investment during Jokowi’s time, or often called as the “Man for any Roles” is also taking part in Prabowo’s government. A few days ago, he was inaugurated as the Chair of the National Economic Council (NEC) and also the Presidential Special Advisor on digitalization and government technology. The role is undoubtedly playing a significant part in Indonesia’s foreign investment, and directed to the national focus such as downstreaming, infrastructure development and poverty alleviation. With little information today, I must say that the NEC is expected to be much more influential than Luhut’s ministry in the previous administration. Airlangga Hartarto re-seated the Coordinating Minister of Economy role, in charge of overseeing several key strategic ministries which includes the Ministry of Industry; Trade; Energy and Mineral Resources; State-owned enterprises; and also the Ministry of Investment and Down streaming. One of the prominent moves under Airlangga’s supervision was the accession to OECD, which will affect domestic policy reforms to meet the ‘developed states’ standards, among others is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Although yet to bear any official title, Hashim Djojohadikusumo, the younger brother of President Prabowo, appeared actively to share Prabowo's direction regarding the government’s economic priorities. On many occasions, he was vocally talking about Prabowo’s concerns on existing poverty, public housing and lack of industrialization strategy. In the coming weeks, he will represent Indonesia at the COP-29 negotiation in Azerbaijan, raising the country's interest to push the carbon trade agenda. Let us carefully see how these three key figures work in achieving Indonesia’s economic goals!

Fulcrum Commentary by Maria Monica Wihardja and Arief Yusuf - Indonesia has improved the quality of its institutions in recent decades but has backslid lately. The country’s potential accession to the OECD presents an opportunity to foster institutional deepening and help sustain long-term economic growth. https://lnkd.in/gnJK5VM4 #OECD #Indonesia #Economy

Another consequence of joining the OECD is that Indonesia's Government would need to ensure that companies adhere to the OECD Guidelines on Responsible Business Conduct, including by ensuring that companies carry out human rights and environmental due diligence (which in any event is more and more and important for Indonesian businesses seeking to be involved in global value chains).

#Indonesia's #OECD bid enters the next stages. " If approved, Indonesia will be the first in Southeast Asia to become a member of the international organization known as the "club of developed countries." The 5 things to know about its potential accession here:#ASEAN #GlobalBusiness #EmergingMarkets

As Indonesia progresses towards joining the OECD, experts weigh the potential benefits and drawbacks of this decision, highlighting the strategic considerations and economic impacts. Read more: https://lnkd.in/gNv4x-hu

Indonesia aims to become OECD member in 2 to 3 years, senior minister says. "Indonesia aims to complete the accession to become the member of Paris-based Organisation for Economic Co-operation and Development (OECD) within two to three years, a senior cabinet minister said late on Wednesday. The Southeast Asia’s largest economy hopes to attract more investment and trade deals by becoming OECD member. The statement came after OECD, which has 38 member countries, decided last week to open discussion for Indonesia’s accession, following its application last July." https://lnkd.in/eCQJ433J OECD makes historic decision to open accession discussions with Indonesia. https://lnkd.in/eQXpS2ky