President Jokowi asks for greater attention to increasing investment

President JokoWidodo (Jokowi) asks all relevant government agencies to give greater attentions to increasing capital inflows to boost investment in the country .

Investment is one of the main drivers of the countrys economic growth, Jokowi said in a limited cabinet meeting on Wednesday.

He said strong support is needed to meet the government investment targets of Rp670 trillion in 2017 and Rp840 trillion in 2018.

He cited the Energy and Mineral Resources Ministry would need large investment in the oil and gas sector, electricity sector.

He said the economic growth target of 5.1 percent in 2017 could be reached with hard work.

Separately the president said the state budget of Rp2,080.5 trillion in 2017 is only 20 percent of the countrys Gross Domestic Product (GDP).

“I want to remind you that the contribution of state budget to GDP is only around 20 percent,” he said when handing over budget implementation list for 2017 to minister and regional administration leaders.

Therefore, the involvement of the private sector is needed to create added value, and restrictive regulations should be removed, he said.

He said the Capital Investment Coordinating Board (BKPM) has simplified investment licensing procedure, citing, the process of issuing investment license has been cut from five to six months to a few hours at present.

“It is aimed at attracting investment. Investment accounts for 80 percent of economic growth,” he said.

Source: Antara News