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Thursday, 29 March 2018 00:00

To Promote Investment, Government to streamline Regulation

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To Promote Investment, Government to streamline Regulation

As the current global economic growth is less encouraging, Indonesia tries to improve the economy by cutting barriers that make domestic economic growth rise. One of the government’s efforts is by streamlining regulations that tend to hinder domestic and foreign investment at both the central and regional levels. The effort is aimed at developing and improving economic growth in the country.

In the work meeting of the government on ’Acceleration in Implementing Business in some Regions at JIExpo Kemayoran in Jakarta on Wednesday, attended by Vice President Jusuf Kalla, cabinet ministers and Regents/Mayors and Chairmen of DPRDs throughout Indonesia, President Joko Widodo asked each minister to streamline at least 100 regulations in a bid to improve climate of domestic investment. In addition, the President also asked the regional heads for each month to have the courage to make major reforms in order to facilitate the business climate, investment climate with online system methods and to avoid many obstacles that impose or burden the business world, and the people.

Earlier, Coordinating Minister for the Economy, Darmin Nasution said that the government found it difficult to remove or streamline various regulations due to the many different standards in each ministry or related institutions. In addition, he views that the removal requirements should also refer to the existing regulations in the region to avoid overlapping and instead of becoming a burden in the country, especially for import export policy. Therefore, each of the central and regional stakeholders in the implementation of the streamlined policy should communicate and coordinate well.

President Joko Widodo said that currently, Indonesia still has 42,000 regulations that might hamper the business world and make the government unable to move quickly. All of these must be addressed immediately. The regulations are at the central and regional levels. Seeing a great number of regulations that tend to hinder investment, logically, if President Joko Widodo is worried about Indonesia's economic growth that has been pegged 5% cannot be achieved. In addition, the mindset and the way of doing business must also change. In the modern and fast era, online process is now a major and appropriate choice. The importance of streamlining unnecessary regulations

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