PDI-P legislator named BKPM chief

PDI-P legislator named BKPM chief

JAKARTA (JP): Theo Thoemion, a legislator of the Indonesian
Democratic Party of Struggle (PDI P), has been named the new
chief of the Investment Coordinating Board (BKPM).

Coordinating Minister for the Economy Burhanuddin Abdullah
said on Wednesday the inauguration would take place on Friday.

Speaking to reporters following a Cabinet meeting on the
economy with Vice President Megawati Soekarnoputri, Burhanuddin
said Theo's main mission would be to promote investment in the
country to help accelerate economic recovery.

"We need a man who understands the market and know how to
promote investment," he said.

Theo, a currency analyst turned politician, is a member of the
House of Representatives Commission IX for state budget and
finance. He is also the head of the House special team debating
the government-proposed bill on the amendment of the central bank
law.

Theo worked at Bank Indonesia for several years before
becoming an independent currency analyst.

Since the Cabinet reshuffle in August last year, BKPM
effectively had no chief. The agency, which oversees investments
in the country, was previously under the now defunct ministry of
investment and state enterprises development. President
Abdurrahman Wahid dissolved the ministry in August.

Investment in the country has sharply declined during the past
three years due to the economic crisis, political instability,
and security problems.

The new regional autonomy has also discouraged investors as
provincial and district administrations have been imposing new
local taxes to help finance their administrations.

Increasing labor protests demanding better salaries have also
created jitters among businesses and investors. (rei/dja)