Indonesia has a big influence on the Asian economy and is the largest economy in Southeast Asia
Nusa Dua, Bali (ANTARA) - The Indonesian government sought investment cooperation with countries in the Asia-Africa region at the 61st Asian-African Legal Consultative Organization (AALCO) meeting in Nusa Dua, Bali.

"We are committed to forming regulations in line with the needs of business owners," Director General of General Legal Administration at the Ministry of Law and Human Rights, Cahyo R. Muzhar, said on the sidelines of the meeting on Tuesday.

In order to accommodate the needs of business owners, the Indonesian government cut bureaucratic regulations on 3 thousand national regulations concerning investment in 2019, he informed.

Since 2018, the government has also carried out licensing simplification with the help of the Online Single Submission (OSS) system, he added.

"Indonesia has a big influence on the Asian economy and is the largest economy in Southeast Asia," Muzhar noted.

In addition, to strengthen the domestic economy, the government is providing financial assistance and training to micro, small, and medium enterprises (MSMEs) to increase their capacity, he informed.

With the economy of the Asia-Africa region estimated to reach US$54 trillion in 2023 or 42 percent of the world's gross domestic product (GDP), Indonesia is offering business convenience to AALCO member countries, he added.

"Moreover, Indonesia also guarantees security and ensures that our business entities will not be used for illegal transactions such as money laundering and terrorism financing," Muzhar said.

Based on data from the Investment Coordinating Board (BKPM), investment realization in Indonesia reached Rp1,207.2 trillion in 2022, an increase of 34 percent compared to 2021.

Singapore, China, Hong Kong, Japan, and Malaysia were the five countries of origin for investment flowing into Indonesia in 2022.

AALCO was formed in 1956 after the Asian-African Conference or Bandung Conference of 1955, with a total of 47 member countries.

This year, Indonesia is hosting the meeting for the third time after Jakarta in 1968 and Bali in 2004.

Minister of Law and Human Rights, Yasonna H. Laoly, is chairing the 61st AALCO presidency.

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Translator: Dewa Ketut S W, Resinta Sulistiyandari
Editor: Sri Haryati
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