The Impact of the Pandemic on Investment
The package of government regulations derived from the Job Creation Law will be a weapon for the government to attract direct investment,
which in the second half of this year is full of challenges due to the spike in Covid-19. The PP package includes PP No. 5/2021 concerning Implementation of Risk-Based Business Licensing, PP No. 6/2021 concerning the Implementation of Business Licensing in the Regions, PP No. 7/2021 concerning Ease, Protection, and Empowerment of Cooperatives and Micro, Small, and Medium Enterprises, as well as PP. 10/2021 concerning the Investment Business Sector. Investment Minister Bahlil Lahadalia said the series of PPs for business licensing have been completed and will be released soon. He believes the four regulations can attract many investors because they provide ease of doing business and cut regulations. According to him, the four PPs will be announced by President Joko Widodo in August. This year, the government targets the ease of doing business to be at position 60. This position will continue to rise to rank 40 until 2023. In 2019, Indonesia's EODB will be at position 73. But, we have optimism to get there," he explained. LPEM FEB UI Macroeconomic and Financial Market Economist Teuku Riefky said, basically all problems in the ease of doing business, such as the complicated licensing process to employment, have been contained in the regulations. “The next problem is in implementation. We have seen that in the first period, President Joko Widodo had issued several economic policy packages. Conceptually, it is very good, but implementation in the field is very difficult,” he said when contacted. Riefky explained that the failure was due to the uneven capacity of human resources (HR).
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