Indonesia embraces multinational business groups for deregulation

Jakarta (ANTARA) - Indonesia's National Economic Council (DEN) Chairman Luhut Binsar Pandjaitan brought together representatives from the chambers of commerce of the United States, the United Kingdom, South Korea, and Indonesia to advance his country's deregulation plan.

"For me, this meeting is not just a routine agenda, but it also serves as a valuable opportunity to take a closer look at dynamics in the ever-developing world of business," he said, as quoted from his Instagram account @luhut.pandjaitan here on Tuesday.

Pandjaitan highlighted that the multinational chambers of commerce raised concerns over the need for more concise regulations, noting that regulatory uncertainty has been a major obstacle to their plans for investments and business expansions in Indonesia.

The DEN chairman pointed out that the evident lack of regulations providing certainty has posed challenges not only to new or potential investors but also to Indonesia's traditional investment partners.

"It is very clear that they are hoping for simplified regulations, consolidation of policies among ministries, and a higher level of certainty to support sustainable business growth," he stated.

Pandjaitan acknowledged these concerns and expectations, saying that deregulation—the simplification of existing rules—is key for Indonesia to boost its economy at a favorable pace.

Considering this, Pandjaitan emphasized that the DEN would continue coordinating with the Coordinating Ministry for Economic Affairs to identify and tackle issues hindering investment realization in the country.

He also shared plans to brief President Prabowo Subianto on the findings to help the head of state formulate corresponding strategic policies.

"We want to ensure that Indonesia is not only attractive to investors but also proves itself as a place that offers a suitable climate for business growth and competition," he remarked.

Pandjaitan expressed hope that his meeting with the chambers of commerce would reinforce the Indonesian government's willingness to collaborate with domestic and international business partners to achieve national economic interests.

"Solid collaboration, a willingness to listen, and the courage to improve are essential for Indonesia to become a supportive place for investments and sustainable economic growth," he concluded.