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Indonesia to tighten screening on foreign investors

Xinhua, March 20, 2015 Adjust font size:

Indonesia planned to tighten up regulation on foreign investors planning to invest so as to assure materialization of their investment plans that would eventually bring significant benefits to the country, a minister said here on Friday.

"We want to give certainty to the serious investors. The point is that we will be more opened. We have great interests in seeing investment growth entirely," Indonesia's Manpower Minister Hanif Dhakiri said on the sidelines of a coordination meeting with the vice president here.

According to the minister, the new regulation would make the serious investors easier in complying with regulations and obligation related to their investment plans as well as hiring foreign executives to run their investments in Indonesia.

The minister said that the seriousness of investors planning to invest in the country can easily be assessed from their initial investment proposal they submitted to the authority.

"Investors are encouraged to compose their plans and submit them to us. The assessment process would be quick as we already used online system," Hanif said.

Chairman of Indonesia's Investment Coordinator Agency (BKPM) Franky who was at presence said that BKPM, Manpower, Legal and Human Rights Ministries would maximize the function of government' s Single Window mechanism in facilitating foreign investors intending to invest in Indonesia.

Indonesian President Joko Widodo has frequently invited foreign investors to invest in the country in a bid to pursue higher growth. Government has set target to see 5.7 percent growth this year with 7 percent was aimed to be accomplished during the administration of President Widodo scheduled to end in 2019.

Indonesia recorded 463.1 trillion rupiah (about 37 billion U.S. Dollars) of Foreign Direct Investment (FDI) last year, or 16.2 percent higher than in the previous year. Endi