Indonesian Goverment Unveils 11th Installment of Economic Policy Package

Coordinating Economics Minister Darmin Nasution (left), accompanied by Cabinet Secretary Pramono Anung, makes statements in a press conference at the State Palace.

Jakarta, 0 Jumadil Akhir 1437/30 March 2016 (MINA) – The Indonesian government has announced the 11th tranche of its economic policy package on Tuesday, aimed at boosting the pharmaceutical and medical instrument industries, small-and medium scale companies and property business.

Coordinating Minister for Economic Affairs Darmin Nasution and Cabinet Secretary Pramono Anung announced the policy package at the Presidential Palace, Mi’raj Islamic News Agency (MINA) quoting Antara News as reporting.

The policy package is also intended to boost the exports of small- and medium-scale companies by offering them smallholder business credits and to encourage the property business by lowering the tax rates.

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In addition, the government will also work towards expediting the flow of goods through integrated risk control.

“We have announced four policy packages today. One of them, which was originally planned to be announced today, will be evaluated further, so as to offer greater benefits to the rural community,” Pramono explained.

Darmin affirmed that the development of pharmaceutical and medical instrument industries was aimed at ensuring the supply of pharmaceuticals and health equipment as part of the efforts to improve the quality of health services.

The export-oriented smallholder business credits are aimed at providing complete and integrated export financing facilities for working capital and investment for micro, small and medium businesses.

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To develop property businesses, the government will issue real estate investment funds at relatively low costs to improve efficiency in providing long-term investment funds to support the development of infrastructure and housing in accordance with the national medium-term program 2015-2018.

To control risks to expedite the flow of goods at ports, the government will adopt the Indonesia Single Risk Management.

Since September 2015 the government has been releasing a series of economic stimulus packages aimed at boosting the nation’s economic growth and improving the investment climate.

Previous packages included deregulation, tax incentives for investment, a new formula for minimum wages, and a revision to the Negative Investment List (this document lists the sectors partially or fully closed to foreign investment). (T/R07/R01)

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Mi’raj Islamic News Agency (MINA)