CANGGU-BALI, INDONESIA / ACCESSWIRE / March 17, 2021 / Bali, known as the ‘Island of the Gods', has experienced the worst economic fallout in its history due to the nation's lockdown in March 2020, and the subsequent effects of the Covid-19 pandemic.
As the island begins to recover, a new startup business, Bali Startup Small and Medium Enterprises One-Stop-Shop (BSSME) is contributing to attracting foreign investment for the island's economic recovery.
During a virtual meeting with Indonesian Governors on September 1st, 2020, Indonesian President Joko Widodo said "Bali has experienced the biggest economic downturn of all Indonesian provinces and has reported a negative growth of 10.98 percent."
Historically, foreign investment in Bali has been challenged with regular government regulation changes and less progressive investment policies making foreign investment difficult.
According to a newspaper article published in Jakarta Globe, the Indonesian government cited that Bali's economy relies on the tourism sector by more than 80 percent.
BSSME has aligned itself with new progressive Indonesian government reform programs that encourage investment post the Covid-19 pandemic - a first for Bali. The Indonesian Minister of Tourism and Creative Economy, Mr. Sandiaga Salahudin Uno, said "Together we need to focus on three key points to accelerate the recovery of tourism and the creative economy."
"First is innovation. There must be a fundamental change in terms of infrastructure, culture, culinary, fashion, and all matters relating to tourism and the creative economy."
"Second, adaptation. We must be able to adapt to the conditions of the Covid-19 pandemic. And lastly, to collaborate. We must all come together as millions of jobs have been affected in the tourism sector and creative economy."
"This is what we must strive for to increase job opportunities and contribute to people's livelihoods."
BSSME aims to attract sustainable investment to support the economic recovery of Bali by offering foreign investors a new fast-track service to establish a foreign investment company (PMA) by the next business day.
BSSME Spokeswoman, Intan Westlake said, "Our mission is to make Bali more conducive to foreign investment, to collaborate with the local and national government, so we can create more sustainable investment opportunities for Bali, for its people and environment."
"We began by offering new potential investors a ‘one business day' timeline service to establish a foreign investment company, known as a PMA (or Perseroan Terbatas Penanaman Modal Asing). This is the first time that such a service has been offered to foreign investors in Bali." Westlake said.
Timely, as the Indonesian government unfolds the new Omnibus Bill, a first of many planned progressive reforms to make Indonesia more regionally and globally investment competitive.
As part of ongoing reforms, Bali Startup Small Medium Enterprise One-Stop-Shop will announce new and exciting advisory and consultancy services as these reforms are released.
"As part of our advisory and consultancy service, we offer two-year investor visas for investors and family visas so they can manage their investment. We at Bali Startup Small Medium Enterprise One-Stop-Shop want to contribute to the economic recovery of Bali in a sustainable way" added Westlake.
Social Impact Fund
The startup is also supporting the most vulnerable in rural communities and is contributing to a more inclusive economy through its social impact fund.
BSSME established its own social impact fund in August 2020, focusing on supporting indigenous rural women living in low-income areas on the island. These include women who have children, and those who are widows or divorcees. A collaboration was established with the IDEP Foundation Bali and they are now marching towards impacting the first 100 families.
IDEP Foundation Executive Director, Muchamad Awal, is extremely grateful for the collaboration and stated, "To our beneficiaries, this support is tremendously meaningful and very effective in helping them to ease their current extreme economic burden."
For more information about Bali Startup Small Medium Enterprise One-Stop-Shop, email [email protected].
SOURCE: Bali Startup Small Medium Enterprise One Stop Shop Limited