Jakarta (ANTARA) - The Coordinating Ministry for Economic Affairs is aiming for investment to reach Rp1,250-Rp1,400 trillion (up to US$92 billion) by formulating policies that facilitate and reform access to business permits.

Thus, the ministry collaborates with the British Government since 2019 to improve regulations on investment and business ecosystem.

"Among some collaborative programs with the British Government are technical assistance on the formulation of a risk-based business permit policy as well as perfecting risk-based monitoring in practice, on top of benchmarking of permits and risk-based monitoring from the British Government," secretary of the Coordinating Ministry for Economic Affairs Susiwijono Moegiarso noted in an official statement on Tuesday.

The three-year collaboration between Indonesia and Britain for the reform of regulations was concluded with the viewing of a video on risk-based business permit on Tuesday, February 21, at the ministry's office.

"The Indonesian government realized that in the implementation of a risk-based business permit policy, the basic requirements and investment requirements are still impeded due to many issues and challenges, whether it is in the synchronization of business permit regulation or perfecting the Online Single Submission system," he elaborated.

Moreover, other issues pertain to risk-based evaluation, government apparatus capacity improvement, and development of public comprehension of risk-based policy.

Nevertheless, the collaboration between the ministry and British Government plays an important role in ensuring that the reform in regulation can lead to success in improving national investment as well as facilitating business access.

The collaboration was expected to be developed further for ensuring a better investment landscape in Indonesia.

"The British Government has worked for years to create a regulation environment in which businesses can invest and develop while also protecting the citizens and environment," chief executive of the Office of Product Safety and Standards, UK Department for Business and Trade, Graham Russell stated.

Russell also echoed his administration's enthusiasm to assist the Indonesian Government to improve business permits and conduct inspections as a means to lower risks.

"I know this means a change for every official and business involved. It is very delightful to see extraordinary development. Changes have begun to push the number of registered startups by a significant amount, and as implementation goes, I expect it will improve the government's achievement in growth improvement," he remarked.

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Translator: Sanya D S, Mecca Yumna
Editor: Sri Haryati
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