Indonesia to set up tourism fund

October 06, 2023 | 11:19

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Indonesian President Joko Widodo has instructed relevant ministers to form a fund serving the building of a world-class tourism sector, according to Minister of Tourism and Creative Economy Sandiaga Uno.

Jakarta - Indonesian President Joko Widodo has instructed relevant ministers to form a fund serving the building of a world-class tourism sector, according to Minister of Tourism and Creative Economy Sandiaga Uno.

Indonesia to set up tourism fund, illustration photo/ Source: freepik.com

The minister said the fund will be started with good governance and prioritise sustainable and quality tourism by highlighting domestic cultural excellence.

Stating that quality tourists will bring economic effects to the country, such as an impact on job creation, he noted the government will form a special team to determine the fund mechanism.

One of the options is through an endowment fund supported by foreign exchange from tourism that could generate 20-25 billion USD annually before the pandemic, he added.

According to the minister, the government will propose a revision of Law Number 10 of 2009 on Tourism, which covers the funding aspect of the tourism fund.

The tourism fund is set to begin in 2024, and the new cabinet resulting from the general election slated for February 14, 2024 will run it.

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