Sri Mulyani: The Pandemic Has Forced Us To Reform Policies, The Job Creation Law Is A Solution For Economic Acceleration

Minister of Finance Sri Mulyani Indrawati. (Photo: Doc. Ministry of Finance)

JAKARTA - Minister of Finance (Menkeu) Sri Mulyani said the challenge faced by the Indonesian government in 2021 and in the future is how to accelerate the process of a stronger and more sustainable economic recovery.

According to the Minister of Finance, this has become the basis for why the government does not only focus on dealing with COVID-19, but also how to create a conducive macroeconomic situation such as adjustments to fiscal and monetary policies.

"Moreover, the Indonesian government is also trying to reform regulations in the economic sector which are summarized in the omnibus law," he said while giving a keynote speech at the webinar Investment in Indonesia: Opportunities in Asia's Economic Powerhouse on Thursday, June 3.

The Minister of Finance added that through these policy reforms, Indonesia could be more productive and competitive than before.

"At this crucial time, the government was finally able to produce the Job Creation Act (UU Ciptaker)," he said.

Through this new regulation, the Minister of Finance said that Indonesia completely changed the investment rules.

"The Ciptaker Law seeks to build an investment climate that is friendly to business actors by removing bureaucratic rules that hinder it, as well as more transparent information disclosure related to investment activities in Indonesia," he explained.

Furthermore, the former boss of the World Bank and IMF revealed that this strategy is useful for reducing production costs so that economic activities can run more efficiently and effectively in generating benefits.

"So that business actors, both from within and outside the country, can carry out business activities more easily," he said.

The Minister of Finance also claims that the Ciptaker Law can bring benefits to small entrepreneurs in Indonesia.

"MSME actors can also benefit from this reform, because it can further spur their respective potential and are open to collaborating with big entrepreneurs," he concluded.