Tue, 28 Oct 2008
The Coordinating Ministry for Economic Affairs is accelerating work on the government’s latest package of reforms, grouped within Presidential Instruction No. 5 (Inpres 5), as a response to the global financial crisis.

Dr. Raksaka Mahi, the ministry’s expert on the investment climate, has been tasked with leading a program to explain the program to stakeholders and regional governments to underline the importance of the reform process.

“The program will highlight the steps within Inpres 5 that are most visible and the most obviously relevant to the stakeholder community,” he said on Wednesday.

While the reform process required a series of small steps that each individually contributed to the objectives, it was felt that a “big picture” was required to enhance commitment to the program by implementing departments and regional governments.

As an example, Dr. Mahi said the four main directions of reform within his own area of specialty, the investment climate, were incentives for investment (already announced recently as Presidential Regulation No. 62/2008) and the on-going efforts to speed up the ease of setting up a business, establish on-line facilities for business and investment licensing processes, and the National Single Window system for trade processing.

“We want people to be able to see that there are clear winners in this process and that therefore it is worthwhile for them to put their effort into the process,” Dr. Mahi said.

“There is no time to relax. People are constantly asking what the government is doing about the financial crisis but the reality is that Inpres 5 already represents a policy framework which is more ordered and rational than a series of ad hoc regulations,” he said.

“With or without the economic crisis, we need Inpres 5,” said Dr. Mahi, who added that the crisis is in fact underlines the urgency of the economy reform process.

“It is like a young boy who you want to learn martial arts. The boy’s enthusiasm to learn martial arts will probably be greatly increased if he gets assaulted by some rough boys at his school.

“It is the same with Inpres 5. If we take these actions it will improve our investment potential, and now we have a crisis that is useful because it encourages us to speed up the process.”



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