Government Regulation Number 24 of 2022 Provides Many Facilities for Creative Economy Actors

Indonesian President, Joko Widodo signed the issuance of Government Regulation Number 24 of 2022 concerning Regulation of Implementation of Law Number 24 of 2019 concerning Creative Economy on July 12, 2022. In the Government Regulation, it is stated that Intellectual Property (IP) can be used as an object of fiduciary guarantee. One of the Creative Economy Laws aims to make Creative Economy actors can obtain financing facilities in developing their business based on IP.

However, there is still a lot of homework that needs to be done by the Indonesian government to prepare various mechanisms and other provisions regarding this IP-based financing so that Government Regulation Number 24 of 2022 can be implemented properly. According to the Indonesian Ministry of Tourism and Creative Economy, there are at least 9 (nine) steps that need to be immediately followed up and coordinated so that creative economy actors who have IP could submit capital loans to financial institutions.

First, the preparation of the IP valuator registration platform; Second, the preparation of the system of recording financing facilities for creative economy actors; Third, the establishment of the Public Service Agency of financing and marketing in the Indonesian Ministry of Tourism and Creative Economy; Fourth, encouraging the provision of data access to the IP which is used as a guarantee object; Fifth, encouraging related regulations in the financial services sector; Sixth, encouraging the realization of fiscal and non-fiscal incentives for creative economy actors; Seventh, the facilitation of the improvement of the IP Valuators professional competencies to be able to conduct IP valuations; Eighth, preparing the integration of electronic systems between ministries/institutions to support IP-based financing and marketing; and ninth, facilitation of IP-based marketing systems.

The successful implementation of Government Regulation Number 24 of 2022 can only be realized by collaboration from various parties including the Ministry of Finance, the Ministry of Justice and Human Rights, the Financial Services Authority (Otoritas Jasa Keuangan/OJK), the State-Owned Bank Association (Himbara), the IP Valuators, the Communities, and the Creative Economy Actors.

Responding to the 9 (nine) steps conveyed by the Indonesian Ministry of Tourism and Creative Economy, the Directorate General of Intellectual Property (DGIP) – Indonesian Ministry of Justice and Human Rights stated that they have developed means for supporting IP financing schemes including encouraging data access to the IP which is used as a guarantee object; and facilitation of IP-based marketing systems. In encouraging data access to IP, DGIP already has a database of all IP rights holders, namely Indonesian Intellectual Property Databases that can be accessed on the pdki-indonesia.dgip.go.id page.

To facilitate the development of the product marketing system of the IP-based creative economy, DGIP launched the IP Marketplace platform. This platform is a promotional tool in the form of a website that connects directly IP owners with prospective buyers or investors as well as a tool to commercialize IP products in the marketplace.

Source: www.dgip.go.id

Photo by Ekaterina Bolovtsova: www.pexels.com

Nugra & Partners – Intellectual Property Consultant

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