President Joko Widodo delivers a speech in a recorded video to open the Investor Daily Summit on July 13, 2021. The three-day event hosted by the business newspaper gathers top executives in various industries from automotive and healthcare to technology and real estates. (Beritasatu Photo)

President Jokowi Opens Biggest Investment Forum with Pledge for Business Reforms

BY :HERU ANDRIYANTO

JULY 13, 2021

Jakarta. President Joko “Jokowi” Widodo vowed on Tuesday to continue with business reforms in his government’s attempts to improve the ease of doing business despite the ongoing Covid-19 pandemic, as he opened the country’s biggest investment forum of the year.

Jokowi said the country must transform its consumption-driven economy to one that generates huge investments and creates more jobs.

“The pandemic should not become an obstacle to the ongoing reforms, instead we use it as momentum to accelerate the structural reform of the economy,” the president said in his pre-recorded remarks in the Investor Daily Summit.

“Our economic structure, where public consumption makes up more than 55 percent, must gradually be transformed into a productive driving force by encouraging industrialization, downstream businesses, investment and exports.”

The three-day event, hosted by leading business newspaper Investor Daily, brings together decision makers in the government and businesses as well as market and industry experts to discuss ways in making business easier.

Chief economic minister Airlangga Hartarto and chief investment minister Luhut Binsar Panjaitan will also brief the summit.

At least nine cabinet members have confirmed attendance, in addition to dozens of CEOs and company founders in sectors ranging from food and beverages to automotive and energy, making it the biggest investment forum so far this year.

President Jokowi said the online platform for business licensing introduced in 2019 became fully operational this month.

“The risk-based online single submission system or OSS is obligatory and it becomes the sole reference for all stakeholders from July 2021 in our efforts to introduce electronic, rapid and efficient business licensing system,” the president said.

The system uses a single form to apply for the company registration certificate and trading license issued by a special agency on behalf of related ministers, governors and mayors, meaning that applicants no longer need to go through many bureaucratic desks.

Another breakthrough for improved business climate is last year’s issuance of the Law on Job Creation that provides clear investment guidance for investors and small and medium enterprises, Jokowi said.

“I need to underline that when it comes to investment, it’s not merely about big investors. The government guarantees an equal access [to incentives] for SMEs and cooperatives,” he said.

The government has introduced a law to abolish the minimum capital requirement for SMEs.

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