Indonesian Foreign Affairs Minister Retno Marsudi. (ANTARA)

The Investment Coordinating Board (BKPM) has intensified its coordination with the Foreign Affairs Ministry to encourage investment in Indonesia. Foreign Affairs Minister Retno Marsudi, in a statement in Jakarta on Thursday, reiterated the need to strengthen the strategy to boost investment amidst the COVID-19 pandemic.

The ministry and BKPM must work in synergy to attract investment during the post-pandemic economic recovery, she said.

"Indonesian missions abroad are expected to improve their performance to explore the investment potential from each country   Economic diplomacy has become more important than before," Marsudi added.

Meanwhile, BKPM head Bahlil Lahadalia said Indonesian diplomats are actively promoting investment opportunities in Indonesia.

"Amid the COVID-19 pandemic, it is hard to expect the inflow of new investment to Indonesia. The BKPM will focus on the realization of existing investment. Support us to promote investment," Lahadalia urged.

As many as 34 Indonesian representatives, including from the Indonesian Embassy (KBRI) in Russia, United Arab Emirates, Germany, China, Italy, and Turkey, have voiced their commitment to boost investment, during a webinar on a strategy to increase investment post the COVID-19 pandemic.

The BKPM is also targeting to complete some unfinished investment projects worth Rp708 trillion. Some of the projects, worth Rp287 trillion, have been completed, including the investment project of Lotte Chemical Indonesia, construction of the Pertamina-Rosneft oil refinery, construction of the Tanjung Jati power plant, and construction of the Hyundai Motor Company’s car manufacturing unit.

With the Presidential Instruction no. 7/2019 handing over the authority to process business licenses from 22 institutions and ministries to BKPM, the Board has made a commitment to ensure that investment in the country is materialized, said Lahadalia. (ANTARA)