"My commitment is clear. In five years' time, the investment climate will increasingly become attractive. We will continue to simplify regulations while at the same time streamlining bureaucracy," Jokowi said at a working lunch meeting with a select number of South Korean CEOs at Lotte Hotel in Busan, South Korea, on Monday.
This year Indonesia will apply an "omnibus law" to slash nearly 70-74 percent of laws simultaneously . As such regulations impeding investment inflows will be scrapped, he said.
In addition, the government will streamline bureaucracy in a way that decisions will be taken more quickly, he said.
"We will slash echelon 3 and echelon 4 in our bureaucracy," he said.
The president also highlighted the government's plan to move the capital city of the country from Jakarta to East Kalimantan,.
"The new capital city will be designed in such a way that it will be a 'smart city, 'green city, safe city, and inclusive city'," he said.
The Indonesian head of state also offered the CEOs open cooperation to move the capital city.
"Once again let us strengthen economic cooperation, trade,and investment cooperation between Indonesia and Korea," he said.
Korea is Indonesia's special strategic partner and is the sixth largest foreign investor in the country, he said.
While other countries underwent economic contraction, Indonesia still recorded an economic growth of more than 5 percent in each of the past five years, he said.
Investment made Indonesia not only a market but also production base, he said.
He asked investors not to be reluctant to contact Chief of the Investment Coordinating Board (BKPM) Bahlil Lahadalia to solve investment obstacles.
"If you have other problems please contact Mr. Bahili," he said..
Director of BKPM Sectoral Promotion Imam Soejoedi said his side invited 10 top managements and CEOs of Korean large-scale corporations.
The CEOs included those of Lotte Corporation, Posco, Hankook Technology Group, SK E&C, CJ Group, LG Chem, GS Global, Daewoo Shipbuilding & Marine Engineering, Doosan Corporation, and The export Import Bank of Korea (KEXIM).
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