JAKARTA, Aug. 31 (Xinhua) -- The government of Indonesia on Thursday issued a policy to simplify procedures in business licensing and boost ease of doing business in the country.
A presidential decree was issued to support the efforts as the country plans to put all the process in the licensing into one spot so called "a single submission system," in coming months.
Under the planned system, President Joko Widodo stressed that investors will only need to come into one building to get a business license.
"All the process for the licensing will be there (in the building). All the provincial officials will take office in the building, preparing application system," President Widodo said at the Indonesian bourse.
The single submission system is expected to kick off in January or February of next year, Widodo added.
President Widodo reminded that the country has got a momentum for luring more foreign investment as it has secured investment grade level from S & P Global rating, Moody's and Fitch rating agencies.
Under the decree, a task force will be set up to ensure the implementation of the policy and settle all the obstacles in doing business in the country, he stated.
Chief Economic Minister Darmin Nasution disclosed that the policy would also include the usage of information technology and created an integrated licensing system.
Widodo, who took office in October 2014, has undertaken a massive improvement in regulation, procedures and incentives, in an effort to boost investment climate in the country as he aims to pursue over a 7-percent GDP growth at the end of his five-year term.
Indonesian economy is expected to expand 5.2 percent this year and 5.4 percent next year.
Investment along with consumption and export is the major contributor to the country's GDP growth.
