Panjaitan urges to halt bad practices in investment sector

Panjaitan urges to halt bad practices in investment sector

Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan (ANTARA/Genta Tenri Mawangi)

Jakarta (ANTARA News) - Bad practices in Indonesia`s investment sector should be stopped, as the government is underlining the importance of compliance in accordance with the law and regulations, Indonesia`s Coordinating Maritime Affairs Minister Luhut Binsar Panjaitan stated.

The minister made the statement while delivering his opening address at a seminar event themed "Indonesia-China 5 Years of Comprehensive Strategic Partnership" held in Jakarta, Tuesday.

"I would urge all the related executioners myself. I call them to my office and I question them `why did you give this license? Why did you give this (project) to this party`, and I say no more `hanky panky` for investments in our regions," he emphasized.

Panjaitan noted that the government had become transparent and flexible, so it is important to end any form of malpractice on the ground, as he believes it would ensure that investments made in Indonesia can be beneficial for all parties involved.

It is also imperative to ensure that all parties keen on making investments in Indonesia comply with the four basic requirements of doing so in the country, which include being environmentally friendly, using as much Indonesian labor as possible, conducting Transfer of Technology, and bringing in added value.

Indonesia is currently inviting more foreign investments in the country, as it is forecast to be the fifth-largest economy in the world by 2030.

The country has also demonstrated positive growth in investment and improving positions in the global investment ranking.

Panjaitan believed that now is the right time for investors to place their capital in Indonesia, as the country is also constantly improving the ease of doing business.

"The Indonesian government has also been paying detailed attention and taking actions in our investment areas, including Halmahera and Morowali," he added.
Editing by Bustanuddin