(Photo: Antara)Jakarta (VNA) – Indonesia’sMinistry of Trade will revise 18 ministerial regulations considered to behampering exports and investments, said the country’s officials recently.
Foreign trade director general under theTrade Ministry Indrasari Wisnu said of the 18 regulations, 11 relate to importswhile seven regulate exports. Some of them could be revoked if needed, headded.
Among them, a regulation regulating importsof machinery and devices is set to be revised before the end of IndonesianPresident Joko Widodo’s first term on October 20, he added.
Indonesian Trade Minister EnggartiastoLukita also hinted at a revision of a 2018 ministerial regulation on used capitalgoods imports.
The revision of the 18 regulations, hesaid, was crucial for Indonesia to benefit from investment influxes as a resultof industry relocations from foreign countries.
According to a recent World Bank (WB)report, Indonesia is struggling to attract foreign investments, which areinstead going to neighbouring countries such as Vietnam and Cambodia as theyembark on deregulation and policy solutions.
Indonesia’s net foreign direct investment(FDI) inflows only accounted for 1.9 percent of GDP last year, compared to 11.8percent booked by Cambodia and 5.9 percent by Vietnam, the bank’s data shows.
Between June and August, 33 companiesannounced plans to set up or expand production abroad, of which 23 are going toVietnam and the remaining 10 to Cambodia, India, Malaysia, and others, ratherthan Indonesia, the WB report revealed./.
Foreign trade director general under theTrade Ministry Indrasari Wisnu said of the 18 regulations, 11 relate to importswhile seven regulate exports. Some of them could be revoked if needed, headded.
Among them, a regulation regulating importsof machinery and devices is set to be revised before the end of IndonesianPresident Joko Widodo’s first term on October 20, he added.
Indonesian Trade Minister EnggartiastoLukita also hinted at a revision of a 2018 ministerial regulation on used capitalgoods imports.
The revision of the 18 regulations, hesaid, was crucial for Indonesia to benefit from investment influxes as a resultof industry relocations from foreign countries.
According to a recent World Bank (WB)report, Indonesia is struggling to attract foreign investments, which areinstead going to neighbouring countries such as Vietnam and Cambodia as theyembark on deregulation and policy solutions.
Indonesia’s net foreign direct investment(FDI) inflows only accounted for 1.9 percent of GDP last year, compared to 11.8percent booked by Cambodia and 5.9 percent by Vietnam, the bank’s data shows.
Between June and August, 33 companiesannounced plans to set up or expand production abroad, of which 23 are going toVietnam and the remaining 10 to Cambodia, India, Malaysia, and others, ratherthan Indonesia, the WB report revealed./.
VNA
