Complex licensing hampers investment from Middle East, OIC

Complex licensing hampers investment from Middle East, OIC

Indonesian President's special envoy to the Middle East and the Organization of Islamic Cooperation (OIC) Alwi Shihab. (ANTARANews.com)

Jakarta (ANTARA) - Complicated procedures for investment permits in regions have hindered investment from the Middle East and Organization of Islamic Cooperation (OIC) nations, presidential special envoy to the Middle East and OIC Alwi Shihab stated.

Shihab stated during a symposium on investment from the Middle East and OIC held here on Tuesday that in some regions, the procedures to obtain investment license are yet quite complex.

Shihab opined that the local governments should bring about a change in the situation and rather than wait for investors to come, they must approach them and endeavor to draw their attention.

Fiscal incentives are another issue that have become a cause for concern for investors in the Middle East and OIC countries.

Acting Country Manager of the Kuwait Petroleum Exploration Company (KUPFEC) Abdullah Al-Shoraian Al-Mutairi remarked that an increase in fiscal incentive for investors will draw more investment from the Middle East and OIC countries.

According to data of the Investment Coordinating Board (BKPM), in the past five years, investment from the Middle East and OIC countries had only reached US$471 million, below one percent of the total foreign investment in Indonesia valued at $162 billion.
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