INDONESIA'S INVESTMENT BOARD TO SPEED UP ISSUANCE OF INVESTMENT LICENSES

Franky Sibarani. ( Photo: ANTARA/Widodo S. Jusuf)

Jakarta, 6 Rabi’ul Akhir 1436/27 January 2014 (MINA) – The Investment Coordinating Board (BKPM) will do its best to accelerate the issuance of investment permits through an integrated one-stop service (PTSP), BKPM Head Franky Sibarani said.

“We have been discussing simplification process for issuing investment permits. We will immediately determine the number of days needed to issue a license,” Franky Sibarani stated at the inauguration of the Jakarta branch of PTSP BKPM here on Monday.

He gave the remarks after he observed that there are many licenses that take hundreds of days to be issued. A power plant investment permit, for example, requires 52 licenses and 930 days for issuance, Antaranews quoted by Mi’raj Islamic News Agency (MINA) as reporting.

” I assure that it will need only half of the 930 days for issuing a license . We are still discussing how to speed up the process,” he added.

Franky noted that his side should coordinate with related technical ministries in order to speed up and simplify the process of issuing investment permits.

But, it will take longer if it have to be regulated through a letter of decision or a ministers regulation.

“We have indications that 930 days can be reduced and the permit issuance process can be more fast. However, every standard operational procedure must have a ministers letter of decision,” he pointed out.

While inaugurating the Jakarta branch of PTSP BKPM, President Joko Widodo asked to simplify and accelerate the issuance of investment permits in Indonesia.

“The inauguration of PTSP BKPM is only an initial step. Later, I will order its simplification and accelerate the permit issuing process so that it will not be complicated anymore,” he stated.

He also asked PTSP BKPM to optimize the use of information technology in the framework of transparency so that people who submit investment license application can know the permit issuance process.

He observed that the economic growth of the country in the coming three years is expected to reach 7.0 percent.

“When the economic growth of other countries declined this year, we recorded a 5.1 percent growth. We have set the new target between 5.6 and 5.8 per cent and the key to achieving it is through investments,” he concluded.(T/P009/R03)

Mi’raj Islamic News Agency (MINA)