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US companies face ‘many barriers’ in Indonesia market: VP Mike Pence
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President Joko “Jokowi” Widodo (right) and US Vice President Mike Pence shake hands before delivering a joint press conference at the State Palace in Jakarta on Thursday. Pence arrived in Indonesia on Wednesday and is scheduled to leave the country on Friday. (Antara/Puspa Perwitasari)
U
nited State Vice President Mike Pence said on Friday that US companies face many barriers and difficulties in trying to enter the Indonesian market.
“US companies face many barriers and difficulties in the Indonesian market, including intellectual property, the lack of transparency and requirements in manufacturing to include local content to be able to sell products in the Indonesian market,” he said during his speech at a business forum at the Shangri-La hotel in Central Jakarta.
While Pence appreciated President Joko “Jokowi” Widodo’s efforts to reform the business environment in Indonesia to improve business relations, he was adamant that more needed to be done in order to improve the business and investment climate in Indonesia.
(Read also: US, Indonesia sign $10b deals)
“As members of the business community, you can help us identify the barriers we need to break down,” Pence said, referring to many businesspeople in the audience.
Based on the data provided by Investment Coordinating Board (BKPM), the US invested US$1.16 billion in 540 projects in Indonesia throughout 2016.
Jokowi’s administration has made deregulation a priority, and has issued 14 economic policy packages since the start of his tenure in 2014. (bbn)
