The Indonesian government has unveiled plans to launch the Indonesia Tourism Fund next year, aiming to boost tourism promotion and enhance the country's bid for prestigious events. The fund, set at IDR 2 trillion (approximately USD 129 million) in its inaugural year, will be entirely sourced from the government budget. Tourism Minister Sandiaga Uno revealed that fund distribution for eligible events is slated to commence in 2024. The Indonesia Tourism Fund's primary objectives are to support events, promote tourism, and enhance the national branding of Indonesia. Sandiaga emphasized that the fund management would not involve the creation of a new supervisory body. Instead, the Finance Ministry's Indonesia Endowment Fund for Education (LPDP) will oversee the tourism fund.

President Joko Widodo is expected to issue the presidential regulation for the Indonesia Tourism Fund later this month. The government, under Sandiaga's direction, will selectively designate world-class events eligible for fund access, aiming to stimulate local and nationwide economic growth. The strategic goal includes increasing Indonesia's competitiveness in hosting major events such as the World Cup and international music concerts. Sandiaga projected that the tourism sector is poised to generate over IDR 220 trillion next year. He highlighted that a foreign tourist typically spends USD 1,500 when visiting Indonesia. The National Statistics Agency (BPS) reported that Indonesia attracted 9.49 million foreign tourists from January to October 2023. The launch of the Indonesia Tourism Fund signifies a proactive step by the government to strengthen the tourism industry, stimulate economic growth, and elevate Indonesia's global standing as a sought-after destination for major events.

Source: https://jakartaglobe.id/business/indonesia-to-launch-tourism-fund-next-year