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Jokowi reaffirms 8.9% growth target in direct investment this year
The President has reiterated his ambitious target of realizing nearly US$63 billion in direct investment this year in a bid to shift the economy toward manufacturing and exports and away from consumption, which has been dealt a severe blow amid the prolonged pandemic.
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President Joko Widodo delivers the State of the Nation Address on Aug. 16, 2021 at the House of Representatives in Jakarta. (Cabinet Secretariat via Twitter/Cabinet Secretariat)
P
resident Joko “Jokowi” Widodo is targeting the realization of Rp 900 trillion (US$62.55 billion) in domestic and foreign direct investment this year as his administration seeks to elevate the role of investment and exports in the economy.
As the Investment Ministry reported in late July, direct investment realizations totaled Rp 442.8 trillion in the first half of 2021 to mark annual growth of 10 percent, accounting for nearly half of the full-year target.
“Increased investment in the coming months is expected to fulfill the Rp 900 trillion target, create new jobs and spur the economy,” Jokowi said in his State of the Nation Address at the House of Representatives on Monday.
The President’s target is 4.83 percent above that in the government’s strategic plan.
In a bid to attract more investment, the government recently launched a new version of its business licensing system, the Online Single Submission (OSS), to implement a streamlined and risk-based licensing regime in keeping with the Job Creation law.
Read also: Direct investment up 10% in first half, but Q3 pressure looms
According to government data, realized direct investment created 623,715 jobs in the January-June period, up 10 percent from a year earlier.
