REPUBLIKA.CO.ID, JAKARTA -- Determined to draw more investment, the government cuts the time to wrap up licensing procedure to only a few hours from days normally.

"(We) hope it would need only three hours," Chief Economics Minister Darmin Nasution said when announcing details of economic policy package at the presidential office on Tuesday.

Darmin said there are two types of investment licenses -- one for investment in industrial estates and another for investment outside industrial estates.

Under the old regulation licensing procedure for investment outside industrial estate could take up to eight days, he said.

Head of the Investment Coordinating Board (BKPM) Franky Sibarani said prospective investors will need only three hours to obtain investment license from the agency.

"That includes , the license itself, the articles of association of the company and NPWP (registration number of tax payer).

"That is for investment in industrial estate. In three hours the prospective investors could choose location and start construction," he said.

The investment is at least Rp100 billion or provides at least 1,000 jobs for Indonesians, he said.

"For investment in industrial estate, an investor needs only to sign commitments for certain norms like analysis on environmental impact," he added.

He said the president has also assigned BKPM and related ministries to simplify the licensing procedure for investment in industries potential to be the country's economic backbone.

The new economic policy package is the second part announced by the government after one earlier this month.

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