REPUBLIKA.CO.ID, JAKARTA -- Indonesia will continue to improve its business climate by deregulating various trade and investment regulations, President Joko Widodo (Jokowi) stated.
"As a concrete step, we have issued or revised several regulations that have so far hindered business, simplified licensing procedures, and wiped out unimportant hindrances in the licensing process," he stated at a meeting with fund managers from across the United States at the Willard Intercontinental Hotel in Washington D.C. on Tuesday evening or Wednesday morning Jakarta time.
He said red tapes that have hindered business must indeed be eliminated, while ease in conducting business in Indonesia has now become a priority.
President Jokowi said that before entering politics, he was a furniture exporter for 22 years and, as a businessman, he openly denounced red tape and any violation of regulations.
"As a businessman, I upheld timely shipment, competitive prices, and high quality as important aspects," he emphasized.
Jokowi said he has prioritized transforming Indonesia into an attractive hub for both domestic and foreign investors.
"We will continue improving the business climate, which has been given priority in the recently launched economic policy packages, including the simplification of procedures and revocation of uncertainties," he remarked.
President Jokowi said one of the issues he had discussed with President Barack Obama a day earlier was Indonesia's intent to be part of the Trans-Pacific Partnership.
"This demonstrates Indonesia's seriousness in making changes and modernizing its economy," he pointed out.
He said Indonesia no longer only maintained its fiscal deficit, so that it would not surpass three percent of the GDP and would ensure independency of its central bank. However, it had now begun paying greater attention to domestic and foreign businesses operating in the private sector that had contributed around 40-50 percent of the GDP.
He admitted to an increased awareness that businesses and industries in Indonesia must be integrated in the regional and global supply chain.
In view of this, besides deregulations, Indonesia also needs to improve its infrastructure, including ports and warehouses, which are currently being intensively developed.
Indonesia is part of a market economy as proven by its currency rate, which is determined by the market, and to this end, Indonesia must be heedful to what the market says, he noted.
"And I am here to tell you that we listen to it clearly," he affirmed.
"Focus is important, and no problem is unsolvable," he stated while emphasizing its importance.
Hence, Jokowi stated that since his government came to power, he had identified problems to be solved systematically.
The first step was moving oil subsidy to programs that will further benefit the people, he pointed out.
The next step is accelerating infrastructure development, and now, the focus is being given to the private sector, he added.
"We know that the economic reforms being carried out will not immediately yield results, and therefore, we have continued to make efforts and improvements until everything goes," he added.
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