Dynamics of BMKT Investment Policy: Challenges in Application

Silviana Putri, Dinda and Ardyo, Bebeto (2021) Dynamics of BMKT Investment Policy: Challenges in Application. In: 2nd International Conference on Business Law and Local Wisdom in Tourism, 15-16 November 2021, Universitas Warmadewa, Denpasar, Bali (Zoom Conference).

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Changes in investment policy choices for Valuable Objects from Sinking Ships (BMKT) in Indonesia are quite dynamic. Starting with foreign freedom in the ownership of BMKT based on Law 5 of 1992 concerning Cultural Conservation, the inclusion of BMKT in the Negative Investment List (DNI) based on Perpresulation 44 of 2016, lastly BMKT investment was opened through Law 11 of 2020 concerning Job Creation and its derivative Perpresulation 10 of 2021 with remove BMKT from DNI. The policy dynamics were born because of the obstacles to exploration costs, risks, and high lifting costs, juxtaposed with the wealth of BMKT, which are cultural heritage objects with high cultural values in them. The policy of removing BMKT from DNI may attract investors' enthusiasm, but there is no legal regulation regarding management in the form of cooperation between the state and investors. It is feared that BMKT will only become objects with high economic value and ignore the dignity of BMKT as cultural heritage objects. The research is legal research that uses a statutory approach, a concept approach, and a comparative approach. This research shows that BMKT, a cultural heritage object, must be protected by the state in the public interest while still paying attention to investors. Strict legal policies in regulating the form of cooperation to the distribution of BMKT gains between the state and investors are a solution to balance the public interest and the interests of investors.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: BMKT, Cultural heritage, DNI, Investment
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law > Department of Law
Depositing User: BEBETO ARDYO
Date Deposited: 13 Jan 2022 06:48
Last Modified: 13 Jan 2022 06:50
URI: http://repository.ubaya.ac.id/id/eprint/40985

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