The Coordinating Ministry For The Economy Targets Investment Realization In Indonesia To Reach IDR 1,400 Trillion

Secretary of the Coordinating Minister for Economic Affairs Susiwijono Moegiarso said the investment realization target could reach IDR 1,250 to IDR 1,400 trillion in 2023, driven by various ease of doing business policies, including business licensing reform.

To that end, the Coordinating Ministry for Economic Affairs as the coordinator of the preparation for regulatory reform to increase the investment ecosystem and business activities in collaboration with the UK Government since 2019 to make business licensing reform a success.

"Some of the UK Government's cooperation programs include technical assistance in the formulation of risk-based business licensing policies, as well as the improvement in the implementation of risk-based surveillance in the field, in addition to benchmarking the implementation of risk-based licensing and supervision from the UK Government," said Susiwijono in an official statement, quoted from Antara, Wednesday, February 22.

Indonesia and Britain's cooperation in regulatory reform over the past three years ended with the launch of a video of self-learning materials for risk-based business licensing, Tuesday, February 21 at the Coordinating Ministry for the Economy Office.

"The Indonesian government realizes that the implementation of risk-based business licensing policies, basic requirements and investment requirements still face various obstacles and challenges, both in terms of synchronizing business licensing regulations, improving the Online Single Submission (OSS) system," he also said.

Furthermore, there are also problems in the implementation of risk-based checks, capacity building of government officials, and increasing adequate public understanding of risk-based policies.

However, the cooperation between the Coordinating Ministry for the Economy and the British Government plays an important role in the success of regulatory reforms as an effort to improve the investment ecosystem and ease of doing business in Indonesia.

It is also hoped that the good cooperation of the two parties can continue to be developed to further encourage the ease of doing business and a good investment climate in Indonesia.

"The British government has been working for years to create a regulatory environment where businesses can invest and thrive while protecting citizens and the environment," said Chief Executive of the Office of Product Safety and Standards UK Department for Business and Trade Graham Russell.

Furthermore, Graham Russell said that his party was enthusiastic about helping the Indonesian government focus business licensing and inspections on reducing risks.

I know that this means a change for every official and business involved. It's great to see tremendous progress, changes have started to significantly increase the number of startups registered and as implementation goes on, I hope to improve the government's achievements in increasing growth," he said.