President Jokowi Urges Ministries, Institutions to Promote FDI
The fastest way to anticipate slowdown in global economic growth and the possibility of a recession is to promote Foreign Direct Investment, President Joko Jokowi Widodo has said.
“That is the key. Nothing else,” President Jokowi said in his introductory remark at the Limited Cabinet Meeting on Anticipating World Economic Development, at the Presidential Office, Jakarta, Wednesday (4/9).
Therefore, the President ordered all ministries and institutions related to the economy to make a list of regulations that hamper investments and bring it to him in one week.
During the meeting, President Jokowi also cited example out of 33 companies left China two months ago in which 23 of them chose to relocate to Vietnam, and the rest to Malaysia, Thailand and Cambodia. “No company chose Indonesia,” he added.
For the record, back in 2017, out of 73 Japanese companies that relocated their factories, 10 of them chose to relocate to Indonesia, with most of them choosing Vietnam and the rest to Thailand as well as the Philippines.
According to the President, a company only requires a 2-month licensing process in Vietnam while in Indonesia the same process will take years.
To that end, the President further said that the jobs are not merely the responsibility of the Investment Coordinating Board (BKPM), Ministry of Agriculture, Ministry of Industry, and Ministry of State-owned Enterprises, but also all ministries/institutions to open the door for investors who have expressed interest to make investing in Indonesia but are hampered by licensing process.
“Please assist them until the licenses are granted. We should not be served, but to serve,” President Jokowi said. (MAY/SM/AGG/ES)
Translated by: Galuh Wicaksono
Edited by: Muhammad Ersan Pamungkas