Investment Ministry Begins Drafting Amendments to BKPM Regulations to Improve Business Climate
Jakarta (ANTARA) - The Ministry of Investment and Downstream Industries/Investment Coordinating Board (BKPM) has begun drafting amendments to BKPM Regulations Numbers 3, 4, and 5 of 2021 to build a conducive business climate and attract investment.
Deputy Minister of Investment and Downstream Industries/Deputy Head of BKPM Todotua Pasaribu said the refinement of these three regulations would serve as the foundation for risk-based corporate licensing reform through the simplification of procedures, strengthening of the Online Single Submission (OSS) system, and enhancement of legal certainty.
"Today's public consultation was organised with the strategic objective of absorbing constructive input from stakeholders, including ministries and agencies, regional governments, business associations, MSME operators, and investors regarding the Draft Amendments to BKPM Regulations Numbers 3, 4, and 5 of 2021," Todotua said after opening the public consultation at the BKPM office in Jakarta on Thursday.
Todotua explained that the revision of the three regulations needed to be carried out in order to accelerate, simplify and provide certainty in business licensing. He noted that input from various stakeholders was essential to refine existing policies.
"Naturally, there is a concept that our Ministry has already prepared," he said.
The refinement of BKPM Regulations Numbers 3, 4, and 5 also aims to achieve the target of 8 per cent economic growth.
He noted that BKPM had identified unrealised investment figures exceeding Rp1,500 trillion, caused by licensing issues. The government is therefore making breakthroughs to reform convoluted bureaucracy.
"Issues such as these — licensing, an unconducive investment climate, overlapping policies and so forth — must indeed become a shared concern and point of reflection for all of us," he added.
Deputy Minister of Investment and Downstream Industries/Deputy Head of BKPM Todotua Pasaribu said the refinement of these three regulations would serve as the foundation for risk-based corporate licensing reform through the simplification of procedures, strengthening of the Online Single Submission (OSS) system, and enhancement of legal certainty.
"Today's public consultation was organised with the strategic objective of absorbing constructive input from stakeholders, including ministries and agencies, regional governments, business associations, MSME operators, and investors regarding the Draft Amendments to BKPM Regulations Numbers 3, 4, and 5 of 2021," Todotua said after opening the public consultation at the BKPM office in Jakarta on Thursday.
Todotua explained that the revision of the three regulations needed to be carried out in order to accelerate, simplify and provide certainty in business licensing. He noted that input from various stakeholders was essential to refine existing policies.
"Naturally, there is a concept that our Ministry has already prepared," he said.
The refinement of BKPM Regulations Numbers 3, 4, and 5 also aims to achieve the target of 8 per cent economic growth.
He noted that BKPM had identified unrealised investment figures exceeding Rp1,500 trillion, caused by licensing issues. The government is therefore making breakthroughs to reform convoluted bureaucracy.
"Issues such as these — licensing, an unconducive investment climate, overlapping policies and so forth — must indeed become a shared concern and point of reflection for all of us," he added.