Jakarta. Indonesia has revoked 186 regulations in the energy and mineral resources sectors that were considered troubling, as the country seeks to improve the investment climate, while improving the ease of doing business, a minister said.
"This is important, as was instructed by the president; we have to be business- and investment-friendly to increase employment and boost economic growth," Energy and Mineral Resources Minister, Ignasius Jonan said at a press conference in Jakarta on Monday (05/03).
He explained that 90 general regulations and another 96 related to permits, certification requirements and government recommendation prerequisites for certain projects in the energy and mineral resources sectors have been revoked.
Indonesia seeks to lure $50 billion in investment in the energy and mineral sectors this year alone.
The regulation regulations were applied by different directorate generals in the ministry, including oil and gas, minerals and coal, and new and renewable energy.
The Directorate General of Minerals and Coal saw the revocation of 32 general and 64 permit-related regulations.
Ministry officials will start to inform the relevant stakeholders about the newly scrapped regulations in the coming weeks, Ignasius said.
"We hope the cuts will have a quick impact, so that the business world will experience a better, less bureaucratic service," he added.