Bappenas to Establish Bali Development Fund, Boosting Economic Transformation Efforts

The government designated Bali as the venue for the G20 Indonesia summit last occasion

The Ministry of National Development Planning, also known as Bappenas, is taking proactive measures to bolster the economic transformation of the enchanting Island of Bali by introducing a groundbreaking initiative called the Bali Development Fund.

During a recent statement in the vibrant district of Badung, Bali, Amalia Adininggar Widyasanti, the Deputy for Economic Affairs at the Ministry of National Development Planning, unveiled the ambitious plans, asserting that the Bali Development Fund would serve as a catalyst for the economic metamorphosis of Kerthi Bali by harnessing the potential of non-governmental funding sources.

Widyasanti emphasized the significance of diversifying the economic landscape of Bali beyond traditional reliance on central and local government funding, highlighting the untapped potential of alternative sources of financing. She illuminated this point, stating, “We recognize that Bali’s economic transformation cannot solely depend on government funds. Hence, we are exploring various avenues to mobilize alternative funds.”

Illustrating the transformative vision, Widyasanti cited the example of the Sanur Special Economic Zone (SEZ), which is poised to undergo a remarkable metamorphosis into a thriving medical tourism hub. She marveled, “The emergence of medical tourism is a novel concept for Bali. It represents a true transformation and opens up exciting possibilities.”

Furthermore, Widyasanti shed light on the development plans for the Bali Turtle SEZ, which aims to become a vibrant center for tourism and the creative economy. She envisaged the SEZ as a pulsating hub for innovation and artistic endeavors, poised to make a resounding impact on the creative economy landscape in Indonesia. “Our aim is to diversify Bali’s economic pursuits, reducing its dependency on tourism alone,” Widyasanti elucidated.

It is important to recall that the roadmap for Bali’s economic transformation, which outlines comprehensive strategies and recovery plans for the short, medium, and long term following the challenges posed by the COVID-19 pandemic, was unveiled in late 2021. This roadmap emphasizes the utilization of local resources and the strengthening of sectors beyond the realm of tourism to drive sustainable economic growth.

Amalia Widyasanti commended the progress made in implementing Bali’s economic transformation plan since its inception two years ago, expressing optimism that Bali’s successful model could serve as an inspiration for other regions in Indonesia seeking to undergo their own economic revitalization.

In a broader context, Widyasanti revealed that Bappenas is actively engaged in discussions surrounding the National Medium-Term Development Plan for 2025-2045, which encompasses various aspects of Indonesia’s economic transformation. She underscored the importance of transcending the middle-income trap to propel the nation into a trajectory of sustainable growth and prosperity.

With the Bali Development Fund poised to fuel Bali’s economic transformation, the island is set to embark on a captivating journey of innovation, resilience, and economic prosperity, heralding a new era for the enchanting Island of the Gods.