Indonesia steps up efforts to lure more investment

The Indonesian government has stepped its efforts to improve investment climate in the country to attract more foreign capitals and boost access to global finance.

Indonesian President Joko Widodo on Monday ordered the authorities to make improvements in the sectors that can make the Southeast Asia's largest economy "investment worthy" and a better place for doing business.

"I ask for improvement from the aspects of institution, economy and monetary, so, we will fully achieve the target of a country with investment worthy status," President Widodo said at the State Palace Monday evening.

The status will expand Indonesia's access to the global financial market and reduce cost of borrowing funds for companies, Widodo said.

Besides, it will also improve global perception on Indonesia which will lure more foreign investment, he said.

President Widodo also reaffirmed his target to improve climate for doing business in the country, the so called "the ease of doing business."

President Widodo has unveiled a raft of economic stimulus packages, including deregulation, incentives and simplification of procedures since September last year to boost investment and prop up economic growth.

Corruption and poor bureaucracy are among the main challenges facing President Widodo who expects over 7 percent GDP growth for the country at the end of his five year-term in 2019.

President Widodo's reform led foreign direct investment rise 3 percent to 29.3 billion U.S. dollars last year, according to the investment coordinating board. Enditem