Track: Business Management

Abstract

Numerous countries compete to build and strengthen their respective economic systems in the global competition era, including Indonesia. In response to these challenges, the Indonesian government continuously strives to raise the ease of doing business rating. This effort needs to be balanced with strengthening the role of the law.  It is a provider of ease of doing business. It protects unfair business competition during a world economic climate that tends to be liberal so as not to dissolve in the vortex of the free market. It is also continuously addressed by the government to accelerate the rate of economic growth in all regions. This study aims to provide policy recommendations for local governments to increase sharia-based economic growth, especially in Lhokseumawe, Aceh Province, by implementing the Economic Regulation of Theory. The chain of strategic commodities in Lhokseumawe to improve the business climate, stimulate regional economic growth, and reduce the impact of the crisis due to the COVID-19 pandemic. This scientific research also aims to design sustainable collaboration between the local government of Lhokseumawe, the community and academics, and the regional inflation control team by designing sustainable practical policy models to increase regional economic growth Lhokseumawe. A mixed-methodology was chosen by conducting interviews with the target population, namely government, Small Business Traditional Market Centers in Lhokseumawe. The focus group discussion is employed by inviting local officials from related offices of Lhokseumawe and Academics to provide input in completing the design of the supply chain model of strategic commodities and implementing the Economic Regulation of Theory policy recommendations in increasing regional economic growth in Lhokseumawe.

 Keywords: Sustainable Collaboration, Theory of Economic Regulation, Economic Growth, Mix Methodology, and Indonesia Context.