Entry barries investasi infrastruktur KPBU sektor pekerjaan umum
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This document summarizes a workshop on entry barriers for national investors in Indonesia's infrastructure market. It identifies 14 potential barriers to entry for public-private partnerships (PPPs) based on an empirical study and literature review. Statistical analysis found that 4 of the 14 barriers were not statistically significant. The discussion proposes policy and regulatory changes to make PPPs more attractive to investors by reducing political risk, streamlining procurement and permitting processes, and ensuring stable tax policies. Potential PPP projects and capable contractors in the transportation and public works sector are also identified.
Entry barries investasi infrastruktur KPBU sektor pekerjaan umum
- 1. 30/10/2016 Sapri Pamulu, Ph.D. 1 Sapri Pamulu, Ph.D Studi Kasus KPBU Infrastruktur PU Entry Barriers Workshop Kajian Entry Barriers Pasar Infrastruktur di Indonesia bagi Investor Nasional Hotel Grand Kemang, Jakarta, 04 Oktober 2016 2–2 Today’s Agenda • Industry Analysis in Brief • Introduction to Entry Barriers • Barriers to Entry PPP Market • Empirical Study Analysis Analysis & Results Discussion of Result • Competitor Analysis (Tbk. Investment Capacity) • Wrap-up
- 2. 30/10/2016 Sapri Pamulu, Ph.D. 2 2–3 Industry Analysis in Brief 2–4 Industry Environment Analysis • Industry environment: The set of factors directly influencing a firm and its competitive actions and competitive responses Threat of new entrants (Barriers to Entry) Power of suppliers Power of buyers Threat of product substitutes Intensity of rivalry among competitors
- 3. 30/10/2016 Sapri Pamulu, Ph.D. 3 2–5 Porter’s Five Forces 2–6 Low entry barriers Interpreting Industry Analyses Unattractive Industry Suppliers and buyers have strong positions Strong threats from substitute products Intense rivalry among competitors Low profit potential
- 4. 30/10/2016 Sapri Pamulu, Ph.D. 4 2–7 Interpreting Industry Analyses Attractive Industry High entry barriers Suppliers and buyers have weak positions Few threats from substitute products Moderate rivalry among competitors High profit potential 2–8 Intoduction to Entry Barriers
- 5. 30/10/2016 Sapri Pamulu, Ph.D. 5 2–9 Three Types of Entry Barriers 1) General Structural barriers (or Innocent Barriers) – due to differences in production costs and being in the market for some time environment Economies of scale (e.g. Natural monopoly) Vertical integration (e.g. Backwards and forwards) Control of essential resources e.g. technologies / commodities Expertise and reputation of the incumbent Brand loyalty Inherent suspicion among consumers about new ideas 2–10 Three Types of Entry Barriers 2) Strategic barriers Predatory pricing / limit pricing Marketing / product differentiation 3) Statutory (legal) barriers - entry barriers given force of law Licences (e.g. Professional qualifications) Patents Copyrights Public franchises Tariffs, quotas and other trade restrictions This is industry-specific, not firm-specific
- 6. 30/10/2016 Sapri Pamulu, Ph.D. 6 2–11 Mapping The Entry Barriers 2–12 Barriers to Entry PPP Market
- 7. 30/10/2016 Sapri Pamulu, Ph.D. 7 2–13 Barriers to PPPs (UNESCAP, 2012) 2–14 Barriers to PPPs (UNESCAP, 2012)
- 8. 30/10/2016 Sapri Pamulu, Ph.D. 8 2–15 Barriers to Entry PPP Infrastructures Code Entry Barriers References (Papers Based) EB1 Government involvement in underwriting Ke et al. 2009 ; Zhang 2005 EB2 Lack of work experience and work ability of ppp infrastructure Ezulike et al., 1997 ; Jane and Laughin , 2003; UNESCAP, 2012 EB3 Excessive restriction in the project Akintoye et al., 2005 ; Zhang, 2005 EB4 High participation costs Ezulike et al., 1997; Tiong and Anderson, 2003 ; Devalance , 2012 EB5 High risk when relying on the private sector Ezulike et al., 1997; Akintoye et al., 2005 ; EB6 Delay due to political debates (eg. Central vs local government) Infrastructure Journal, 2001a, b; Chan et al., 2010 ; UNESCAP, 2012 EB7 Delay due to negotiation process Ezulike et al., 1997 ; Chan et al., 2010 ; PU, 2014 EB8 Reduce accountability to the project Infrastructure Journal, 2001 b; John et al. 2006 EB9 Less employment opportunities Public Services Privatization Research Unit, 2000 N10 EB10 Long time in the preparation of contract transactions Chan et al., 2006 ; Ke et al. 2009 ; UNESCAP, 2012 EB11 High inflation Ke et al. 2009 EB12 High interest rates Ke et al. 2009 ; UNESCAP, 2012 ; Devalence, 2012; PU, 2014 EB13 Changes in act from law makers (DPR) Zhang, 2005 ; Ke et al. 2009 EB14 Public opposition (eg. Due to Land Acquisition) El-Ghohary et al., 2006 ; Ke et al. 2009 ; UNESCAP 2012; PU, 2014 Sumber: diolah (2016) 2–16 Empirical Study Analysis
- 9. 30/10/2016 Sapri Pamulu, Ph.D. 9 2–17 Statistical Analysis Method 2–18 Statistical Analysis of Results Faktor Entry Barriers Kode Ekonomi Suku bunga tinggi EB12 Biaya Tinggi Inflasi tinggi EB11 Adanya oposisi oleh masyarakat EB14 Kesempatan kerjaan yang ditawarkan lebih sedikit EB9 Biaya keikutsertaan yang tinggi EB4 Kurangnya Kurang pengalaman dan kemampuan yang cukup EB2 Pengalaman Adanya keterlambatan karena proses negosiasi EB7 Adanya keterlambatan karena perdebatan politik EB6 Risiko tinggi bila mengandalkan swasta EB5 Lamanya penyusunan kontrak transaksi EB10 Dari 14 variabel Entry Barrier, terdapat 4 variabel yaitu EB1, EB3, EB8 dan EB 13 dikeluarkan karena tidak signifikan secara statistik
- 10. 30/10/2016 Sapri Pamulu, Ph.D. 10 2–19 Discussion of Results (WEF, 2015) • Policy Recommendation > Friendly Investors Policy and regulatory enablers > Renegotiation risk, Procurement process, Permitting process, Tax Policy Investor value proposition 2–20 Discussion of Results (WEF, 2015) • Policy and regulatory enablers Evaluate various governance and contract mechanisms to reduce political risk Where appropriate, leverage support and available risk guarantees from multilateral development banks Task a public-private partnership unit with improving procurement process efficiency by increasing standardization and predictability, and providing technical skills to line agencies Review and streamline regulatory and environmental permitting processes and appoint a lead agency to manage and coordinate them Ensure taxes do not systematically advantage or disadvantage certain types of investors and are stable over time
- 11. 30/10/2016 Sapri Pamulu, Ph.D. 11 2–21 Discussion of Results (WEF, 2015) • Investor value proposition Analyse returns from an investor’s perspective and benchmark the project’s risk-adjusted returns Create a standard methodology and approach for risk allocation Conduct market sounding with investors to gather feedback on the project and determine if refinements may be necessary to attract interest 2–22 Discussion of Results (PU, 2015) • NSPK on PPP/KPBU di Sektor PU-PR Update NSPK base on Perpres KPBU • Potensial List of PPP/KPBU di Sektor PU-PR Bina Marga SDA Cipta Karya Etc • Potential List of EPC/Contractors that have a good Investment Ratio >1 & SGR >10%
- 12. 30/10/2016 Sapri Pamulu, Ph.D. 12 2–23 Regulation Analysis PPP Related Regulation, Latest one? 2–24
- 13. 30/10/2016 Sapri Pamulu, Ph.D. 13 PPP Related Regulation, Latest one? 2–25 PPP Related Regulation, Latest one? 2–26
- 14. 30/10/2016 Sapri Pamulu, Ph.D. 14 PPP Related Regulation, Latest one? 2–27 PPP Related Regulation, Latest one? 2–28
- 15. 30/10/2016 Sapri Pamulu, Ph.D. 15 PPP Related Regulation, Latest one? 2–29 PPP Related Regulation, Latest one? 2–30
- 16. 30/10/2016 Sapri Pamulu, Ph.D. 16 PPP Related Regulation, Latest one? 2–31 Next Another Permen-PUPR on Tata Cara Pelaksanaan KPBU ? 2–32 Company Analysis
- 17. 30/10/2016 Sapri Pamulu, Ph.D. 17 Case Study : SOE • ADHI • PTPP • WIKA • WSKT • HUTAMA POE • DGIK • JKON • NRCA • SSIA • TOTL 2–33 2–34 Wrap-up
- 18. 30/10/2016 Sapri Pamulu, Ph.D. 18 2–35 Wrap-up • Industry Analysis in Brief • Introduction to Entry Barriers • Barriers to Entry PPP Market • Empirical Study Analysis • Analysis & Results • Discussion of Result • Competitor Analysis (Tbk. Investment Capacity) • Questions