Jakarta (VNA) – Indonesian Investment Minister BahlilLahadalia has announced a strategy to increase the investment target up to 900trillion IDR (63.4 billion USD) for 2021 and 5,000 trillion IDR in 2024.
"The first one is the investment of around 708 trillionIDR that we had earlier allocated into the stalled investment," stated theminister, who is also Indonesian Investment Coordinating Board (BKPM) Chairman,at the recent Central Development Coordination Meeting.
The investment value of 517 trillion IDR to be realisedsoon, comprises some already in the construction process and some in thepreparation process.
Shedding lights on efforts to conduct economictransformation, the ministry will channel efforts to increase added value withdownstream orientation by formulating five points.
The first one is investment in the health sector, sincealmost all of Indonesia’s medical devices and medicinal raw materials areimported, he affirmed.
The other sectors to become investment priorities are theautomotive sector, followed by the mining, infrastructure, and new andrenewable energy sectors.
The minister ensured the government’s continued effortsto expedite licencing to offer better services to domestic and foreigninvestors.
BKPM's commitment is to not slowing down licencing sinceit is akin to holding back jobs and potential state revenue, as 76 percent ofthe country's revenue comes from taxes, he pointed out.
Furthermore, slowing down business licencing is also thesame as holding back the rate of national economic growth and holding back thegrowth of Ease of Doing Business Index (EDBI).
President Jokowi targets Indonesia’s EBDI ranking toreach 40th in 2024 as compared to 73rd currently./.
Indonesia’s economy continues to shrink in Q1
Indonesia's economy continued to shrink at 0.74 percent year-on-year in the first quarter of 2021, according to Statistics Indonesia (BPS) head Suhariyanto.
