Jakarta (Antara Bali) - Coordinating Minister for Economy Darmin Nasution said simplification of licensing procedure has made Indonesia more attractive for investment.
Abolition of 3,143 regional regulations had drawn more investors to the country, Darmin said here here on Wednesday night.
"We need to continue to simplify the licensing process and procedure. The revocation of regional regulations would make our countries more attractive for investment," he said in a working meeting of the Bureaus of Law for Java and Bali.
He said the abolition of a number of bureaucratic phases has been pressing, adding a number of other ASEAN countries are already ahead of Indonesia in adopting the policy.
"We have moved along and competed with Malaysia and Thailand. Then Vietnam came from behind and soon got ahead of us in a number of things . Now Myanmar has just started. We must not be overtaken again," he said.
In a bid to strengthen the competitiveness facing the neighboring countries, Indonesia still needs to take big steps to boost development and accelerate economic growth such as through development of infrastructure and human resources, Darmin said.
"We have to struggle to make us at least level with neighboring countries in attracting investment. It would be gooud if we could lead.
"Indonesia is much more populous . It is an advantage at least in providing market," he added.
The Home Affairs Ministry has announced the revocation of 3,143 regional regulations considered not in line with the government policy , discriminating, and hampering investment and economic growth.
The decision followed instruction of President Joko Widodo to simplify regulations to make the country more prepared in facing tighter competition amid the global economic slowdown.
Earlier on Wednesday an economic discussion among experts and professionals in Jakarta concluded that Indonesia still is attractive for investment especially in infrastructure sector as the country has the capacity to provide long term financing with stable economic prospects and its tax amnesty program.
Taswin Zakaria, the President of Maybank Indonesia, a member of the Malaysian financial group, said Indonesia's current macroeconomic environment was regarded as conducive due to its relatively low inflation and stable currency with state budget deficit kept below 3 percent of GDP. (WDY)
