Illustrative photo (Photo: AFP)

Jakarta – Indonesia’s Coordinating Ministry for Economic Affairs has set a target of attracting 1,250 -1,400 trillion rupiah (82-92 billion USD) in investment in 2023 through passing policies to promote business licensing reform.

In a statement released on February 21, Secretary of the Coordinating Ministry for Economic Affairs Susiwijono Moegiarso said that the ministry, as the coordinator of preparations for regulatory reform to improve the investment ecosystem and business activities, has collaborated with the British Government since 2019 in making business licensing reform a success.

Several cooperation programmes with the British Government include technical assistance in formulating risk-based business licensing policies and improving the implementation of risk-based supervision in the field, besides benchmarking the implementation of risk-based licensing and supervision from the British Government.

Cooperation between the Coordinating Ministry for Economic Affairs and the British Government has played a very significant role in the success of regulatory reform in improving the investment ecosystem and ease of doing business in Indonesia, and it is hoped to develop good cooperation to encourage further ease of doing business and a conducive investment climate in Indonesia, according to the statement.

Graham Russell, Chief Executive of the Office of Product Safety and Standards at the UK's Department for Business and Trade, said that the British Government has worked for years to create a regulatory environment where businesses can invest and thrive while protecting citizens and the environment.

He added the UK is enthusiastic about helping the Government of Indonesia focus on business licensing and inspections to reduce risks.