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Indonesia steps up efforts to lure investment

Xinhua, June 13, 2016 Adjust font size:

The Indonesian government strengthens efforts to attract foreign capitals and domestic investment as it expects investment to rise next year.

Indonesian President Joko Widodo on Monday aborted 3,143 rules at the provincial level which hampered investment and efforts to boost the country's competitiveness.

"(The rules) hampered national capacity and slowed our speed to win competition," President Widodo said at the State Palace.

The president said that the regulations lengthened the processes of bureaucracy for having business licenses.

"Once more, I stress that this abortion aims to make Indonesia a big country, and rise competitiveness," said Widodo.

Chairman of Indonesian Coordinating Board Franky Sibarani revealed on Monday that the board has risen the country's investment target to 631.5 trillion rupiah (some 47.3 billion U.S. dollars) next year from this year's target of 594.8 trillion rupiah (about 44.6 billion U.S. dollars).

The board planned to step up quality and quantity of measures to spur foreign and domestic investment, Mr. Franky said.

Among the steps were development of integrated services for investment, addition of supportive facilities for a single window service and establishment of a map to support investment in strategic sectors, he added.

Indonesia has attempted to cut red tape, simplifying process of investment licensing, combating graft and conducting other reforms to lure foreign investment.

President Widodo who came into office in October 2014 aims to pursue over 7 percent GDP growth target at the end of his five-year-term by carrying out a massive infrastructure projects.

Recently, S&P Global Rating refrained from raising Indonesia to investment grade on weak fiscal performance, saying there is a possibility for a future upgrade. Enditem