Proceedings of the 2nd International Conference on Business Law and Local Wisdom in Tourism (ICBLT 2021)

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Dynamics of BMKT Investment Policy: Challenges in Application

Authors
Dinda Silviana Putri1, *, Bebeto Ardyo2
1,2Faculty of Law University of Surabaya
*Corresponding author. Email: silvianadinda@staff.ubaya.ac.id
Corresponding Author
Dinda Silviana Putri
Available Online 3 December 2021.
DOI
10.2991/assehr.k.211203.018How to use a DOI?
Keywords
BMKT; Cultural heritage; DNI; Investment
Abstract

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.

Copyright
© 2021 The Authors. Published by Atlantis Press SARL.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2nd International Conference on Business Law and Local Wisdom in Tourism (ICBLT 2021)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
3 December 2021
ISBN
10.2991/assehr.k.211203.018
ISSN
2352-5398
DOI
10.2991/assehr.k.211203.018How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press SARL.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

risenwbib
TY  - CONF
AU  - Dinda Silviana Putri
AU  - Bebeto Ardyo
PY  - 2021
DA  - 2021/12/03
TI  - Dynamics of BMKT Investment Policy: Challenges in Application
BT  - Proceedings of the 2nd International Conference on Business Law and Local Wisdom in Tourism (ICBLT 2021)
PB  - Atlantis Press
SP  - 79
EP  - 84
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.211203.018
DO  - 10.2991/assehr.k.211203.018
ID  - Putri2021
ER  -