Under this regulation, procurements that are not financed by the Government, but may affect Government finances (“Non-Government funded procurement”) are also required to maximize the use of domestic products and services. This includes procurements organized by contractors of Cooperation Contracts (Kontrak Kerja Sama) and holders of Mining Business Licenses (Izin Usaha Pertambangan). Accordingly, under the 3/2014 Industry Regulation, certain procurements organized by the private sector must also maximize the use of domestically produced products and services.
The Bill was passed because progress in trade activities in Indonesia has not been able to meet the challenges of national development. As a consequence, the Bill was primarily passed to improve trade activities, as a key to stimulating economic development, and to provide opportunities and support infrastructure, as well as to develop a people’s economy, which includes cooperatives and micro, small and medium enterprises as the main pillar of national economic development.
Given the importance of OJK’s function and role in regulating the financial services in Indonesia and more broadly the impact this has on the Indonesian economy, this Indonesian Law Digest (ILD) will highlight, elaborate, and discuss current developments of the OJK following the transfer to it of the respective authorities of BI and Bapepam-LK.
The February edition of Hukumonline’s Monthly Law Review contains summaries of a number of significant regulations that were issued earlier this year. Several important regulations from all of the categories covered are highlighted in this month’s Monthly Law Review.
A total of 71 regulations are covered in this edition of Monthly Law Review. Most of these regulations were published in 2013 following the usual practice of many governmental institutions in being late to publish their regulations and make them publicly available.
After the debut edition of the Monthly Law Review last month, Hukumonline’s English Team continues to develop its compilation of the latest laws, regulations, and court decisions related to various business sectors.