Chairperson of the National Economic Council (DEN), Luhut Binsar Pandjaitan, engaged the Indonesian Employers Association (Apindo) in a discussion to address regulatory challenges hindering business growth in Indonesia.
"I have just convened Apindo leaders to discuss regulations, which are still considered major obstacles in the business world," he informed in a post on his Instagram account @luhut.pandjaitan, which was accessed from Jakarta on Wednesday.
Pandjaitan said that President Prabowo Subianto has instructed his aides to carry out deregulation to simplify or consolidate regulations that have proven unsupportive for business.
He added that he has asked Apindo to help the DEN in listing regulations that are overlapping, cumbersome, and burdensome to business players.
He further highlighted Prabowo's concern about the issue, noting that the President plans to meet with investors and capital market analysts to create a more conducive climate for investment and business competition.
Additionally, the DEN leader said that he has secured support from Coordinating Minister for Economic Affairs, Airlangga Hartarto, to address regulatory obstacles in the business sector.
"We should no longer tolerate regulations that seem promising initially but are weak in terms of implementation. It is critical that we abandon the fire-and-forget approach. I want to ensure the deregulation plan is executed and brings tangible changes," he asserted.
Related news: Indonesia embraces multinational business groups for deregulation
Pandjaitan elaborated on the significance of this approach, saying that Indonesia's lack of concise regulations has caused the country to lag behind Singapore, Vietnam, and the Philippines in terms of providing a business-friendly regulatory environment, according to a World Bank report.
He added that it can take up to 65 days for foreign companies to register in Indonesia, while a court may require up to 150 days to issue a verdict on a business dispute.
In light of this, he shared plans to brief President Prabowo on the outcomes of his meeting with Apindo and seek corresponding directives.
He also reaffirmed his commitment to advancing the government's deregulation efforts to improve Indonesia's business ecosystem for the benefit of national economic growth.
Related news: DEN meets domestic investors for discussions on economic conditions
"I have just convened Apindo leaders to discuss regulations, which are still considered major obstacles in the business world," he informed in a post on his Instagram account @luhut.pandjaitan, which was accessed from Jakarta on Wednesday.
Pandjaitan said that President Prabowo Subianto has instructed his aides to carry out deregulation to simplify or consolidate regulations that have proven unsupportive for business.
He added that he has asked Apindo to help the DEN in listing regulations that are overlapping, cumbersome, and burdensome to business players.
He further highlighted Prabowo's concern about the issue, noting that the President plans to meet with investors and capital market analysts to create a more conducive climate for investment and business competition.
Additionally, the DEN leader said that he has secured support from Coordinating Minister for Economic Affairs, Airlangga Hartarto, to address regulatory obstacles in the business sector.
"We should no longer tolerate regulations that seem promising initially but are weak in terms of implementation. It is critical that we abandon the fire-and-forget approach. I want to ensure the deregulation plan is executed and brings tangible changes," he asserted.
Related news: Indonesia embraces multinational business groups for deregulation
Pandjaitan elaborated on the significance of this approach, saying that Indonesia's lack of concise regulations has caused the country to lag behind Singapore, Vietnam, and the Philippines in terms of providing a business-friendly regulatory environment, according to a World Bank report.
He added that it can take up to 65 days for foreign companies to register in Indonesia, while a court may require up to 150 days to issue a verdict on a business dispute.
In light of this, he shared plans to brief President Prabowo on the outcomes of his meeting with Apindo and seek corresponding directives.
He also reaffirmed his commitment to advancing the government's deregulation efforts to improve Indonesia's business ecosystem for the benefit of national economic growth.
Related news: DEN meets domestic investors for discussions on economic conditions
Translator: Imamatul S, Tegar Nurfitra
Editor: Yuni Arisandy Sinaga
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