"Investors enthusiastically welcome the policy," Muliaman said in promoting the tax amnesty program in this city one of the worlds financial centers on Monday.
The government has taken the right step with the tax amnesty program amid the global economic slowdown, he said at a seminar on "Indonesia Business Outlook".
"I think the policy has been right in timing. Actually Indonesia has been hit by the global economic slowdown since 2014 resulting in lower economic growth of less than 5 percent, down from 6 percent normally," he said.
However, the new government tried to change the policy by focusing on infrastructure starting by optimizing spending by the government, he said.
He said all emerging markets were beset by the global economic slowdown, but Indonesia still fared better with a 5 percent growth.
Now the government issue the tax amnesty policy aimed at repatriating huge funds parked by many rich Indonesians abroad to evade tax, he said.
The funds could be used to finance the governments ambitious development programs, he added.
"This added to the confidence of investors in Indonesian economy. The improvement in confidence was obvious with the rupiah strengthening, the BEI index rising sharply," he said.
He said BEI index has increased 18 percent since January, 2016, adding, "we chalk up significant growth together with Thailand and the Philippines."
He said Singapore and Malaysia are still struggling to get themselves out of the impact of the economic crisis, adding no significant improvement in the value of their capital markets.
Hong Kong has been the second target of promoting tax amnesty policy abroad after Singapore by the government.
Around 150 Indonesian businessmen from Hong Kong, Guangzhou and Macao attended the seminar.
The organizer offered consultancy service after the seminar on the tax amnesty policy.
Minister of State Enterprises Rini Soemarno, chief executives of state lenders Bank Negara Indonesia Ahmad Baiquni, Bank Mandiri Kartiko Wirjoatmodjo, Bank Rakyat Indoensia (BRI) Asmawi Syam, and Bank Tabungan Negara (BTN) Maryono took part in the socialization program.