Indonesia’s investment into Tourism: US$63.5mio Tourism Fund
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- October 25, 2023
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Bali, October 25, 2023
The Indonesian Government has unveiled an ambitious plan to bolster its tourism sector. With an initial allocation of of over Rp. 1 trillion, which translates to approximately US$63.5 million, the government aims to establish a dedicated “tourism fund.”
This initiative was brought to light by Sandiaga Uno, Indonesia’s Minister of Tourism and the Creative Economy, after a significant meeting with President Joko Widodo in Jakarta on 04 October 2023, as reported by Indonesia’s news outlet, detic.com.
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Purpose and Mechanism of the Tourism Fund
The primary objective of this fund is to attract high-quality international events spanning various segments, including culture, sports, and MICE (Meetings, Incentives, Conferences, and Exhibitions). Additionally, a portion of these funds will be earmarked for branding and promotional activities to enhance the global image of Indonesian tourism.
Drawing parallels with similar mechanisms in countries like Singapore and Saudi Arabia, Sandiaga Uno highlighted the success of such funds in promoting tourism. He stated, “The mechanics of a tourism fund are already in operation in several countries, such as Singapore and Saudi Arabia, where support is given to developing tourism.”
The guiding principles of the Indonesian Tourism Fund revolve around good governance, with a keen focus on green, sustainable, and quality tourism. A significant emphasis is also placed on fortifying the rich Indonesian cultural heritage.
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It is anticipated that the Tourism Fund will be operational by 2024 and will receive full funding by mid-2024. Sandiaga Uno also hinted at the possibility of expanding the fund based on the outcomes achieved.
The primary sources for the tourism fund include the government budget, foreign exchange accrued from tourism activities, and visa fees. It’s estimated that the foreign exchange from tourism, during the pre-pandemic era, ranged from almost US$20 billion to US$25 billion. Sandiaga reassured stakeholders that tourism businesses would not be directly levied to contribute to this fund.
In conclusion, Indonesia’s proactive approach to rejuvenating its tourism sector is commendable. With strategic investments and a clear vision, the country is poised to reclaim its position as a top global tourist destination.
Source: Ministry of Tourism Indonesia & Detik.com
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