JAKARTA, Nov. 19 (Xinhua) -- Indonesian President Joko Widodo said his country has taken advantage of the momentum of the crisis due to the COVID-19 pandemic to make structural reforms in an extraordinary manner.
"In an extraordinary manner, we improve the existing regulations and bureaucracies in order to move fast in the time of difficulties so as to be ready to open the doors as wide as possible for business people and investors in new ways," he said in his speech at the virtual Asia-Pacific Economic Cooperation (APEC) CEO Dialogues 2020 on Thursday.
According to the head of state, several weeks ago Indonesia passed the omnibus law on job creation as an effort to simplify regulations from 79 laws to one law, aiming to create a quality business and investment climate for business people including small and medium entrepreneurs and foreign investors.
"Overlapping regulations and complicated procedures were trimmed, convoluted bureaucratic licensing chains were cut, and illegal levies that had hindered business and investment were also eradicated while maintaining our commitment to protecting the environment," he said.
The president elaborated that the business and investment licensing process has become simpler and more accelerated, while the requirements for investment have become simpler, and business licensing for micro and small businesses is no longer needed.
Illegal fees and corruption are cut by integrating the entire licensing process into the electronic licensing system through the online single submission (OSS) system, he said, adding that business and investment activities have been made easier.
"The formation of a limited liability company is made simpler and there is no longer a minimum capital limitation. Patent and brand processing is also accelerated. Acquisition of land and land for public use and investment is much easier," he said.
He pointed out that investing in special economic zones, free trade areas and free ports will be made easier and more attractive with various facilities and incentives.
"Business licensing services in these areas will be carried out in a matter of hours with fiscal facilities integrated in the OSS system," Widodo added. Enditem