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Indonesia to shorten FDI approval processing to 30 days JAKARTA - The Indonesian government would drastically shorten time needed to process foreign investment licenses from 150 days to 30 days, Indonesian Coordinating Minister for Economy Aburizal Bakrie said. "It's usually 150 days, but we will shorten it to only 30 days.Even though the regulations have not been prepared yet, I will instruct the Investment Coordinating Board (BKPM) to do so as soonas possible," Aburizal was quoted by the daily Jakarta Post here Saturday as saying.
He said that that in order for the plan to be materialized, hisoffice would implement a kind of one-roof system in the processingof the foreign investment applications at the BKPM.Aburizal added that his office would also change BKPM into an investment promotion institution, where investors could submit their applications once and BKPM would later be in charge of processing them to other related offices.
The new system will be different from the current cumbersome one where would-be investors are still required to go through a number of bureaucratic steps at BKPM. The top economy minister also said his office would impose limitations on the investment license processing. "If, over a certain period of time, there isn't any answer from BKPM, the applications will be considered to have been approved," he added.



Posted in Economy @ 13 November 2004 00:03 CET by Jeroen · 'Blog' RSS feed · permalink






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