B20 Summit

The long-awaited B20 Summit was successfully hosted by Indonesian Chamber of Commerce and Industry (KADIN). Held on 13-14 November 2022 in Bali, Indonesia, this year’s B20 Summit embraces the theme of “Advancing Innovative, Inclusive, and Collaborative Growth” in support of the G20 theme, “Recover Together, Recover Stronger”. The B20 Summit bringing together global business leaders to officially hand over the B20 Final Communique which summarizes all policy recommendations to the G20 to address key challenges for businesses around the world.

The policy recommendations were grouped into 7 key policy areas, including trade & investment; energy, sustainability, & climate; digitalization; finance & infrastructure; future of work & education; integrity & compliance and women in business.

B20 Indonesia has made 25 recommendations and 68 policy action for the G20 to consider, across three key priorities: 1) prioritize innovation to unlock post-pandemic growth; 2) empower MSMEs and vulnerable groups; and, 3) support increased collaboration between developed and developing countries.

All these recommendations and policy actions are based on the current economic conditions, starting from the pandemic, rapid digitalization, more inclusive global value chains, addressing the impacts of climate change and other issues that drive the need for new, just and inclusive value chain. Indonesia's B20 priorities are also aligned with Indonesia's G20 priorities which emphasize a sustainable energy transition, strengthening the global health architecture and advancing digital transformation.

The B20 Summit Indonesia also produced 4 legacy programs, namely concrete programs that can be continued in the next B20 Presidency. Legacy programs include: 1) Carbon Center of Excellence as a Knowledge Hub & Practice Sharing Center to develop a voluntary carbon market as an alternative source of financing. 2) B20 Wiki as a support system for MSMEs through Wiki Learn, Wiki Do and Wiki Scale. 3) One Global Women Empowerment (OGWE) which will encourage the growth of women's entrepreneurship. 4) Global “One Shot” Campaign which aims to provide relevant infrastructure for mitigating future health crises through involvement of the global business sector in providing access to vaccines and clinical research.

Numerous prominent business leaders and public figure attended as speakers in the final day of the B20 Summit including Jeff Bezos, Executive Chair, Bezos Earth Fund; Executive Chairman, Amazon, Elon Musk, CEO, Tesla Inc, Klaus Schwab, Founder and Executive Chairman, World Economic Forum, Young Liu, Chairman, Hon Hai Technology Group (Foxconn), Anne Hathaway, UN Women Goodwill Ambassador, Her Majesty Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).

4 heads of state also gave their remarks including: Prime Minister Justin Trudeau of Canada, President Yoon Suk-yeol of the Republic of Korea, Prime Minister Anthony Albanese of Australia, and President Joko Widodo of Indonesia.

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