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Indonesia develops new application system to attract investors to special economic zones

Indonesia develops new application system to attract investors to special economic zones

JAKARTA - The Indonesian government is developing an application system that was expected to lure more domestic and foreign investors to do businesses in the county's special economic zones, locally known as KEKs.

 

With the special facility, Indrawati hoped that the special economic zones can attract domestic and foreign investment so as to accelerate the recovery of the pandemic-hit economy. The application system is developed by the Indonesian National Single Window Institution along with the Ministry of Finance's Directorate General of Taxes and Directorate General of Customs and Excise.

 

With this application system, business players who are active in the KEKs are expected to be able to get various facilities more easily, Indrawati said. Coordinating Minister for Economic Affairs Airlangga Hartarto said until August 2021 as many as 129 business entities have registered their profiles in the special application system in the KEKs to get special facilities after operating there.

 

According to him, the facilities include exemption from income tax, value-added tax, purchase tax on luxury goods, import duty, import tax, and excise. He said the government also continues to increase the production of export-oriented products that are connected to global supply chains.

 

The country's special economic zones have attracted 32.76 trillion rupiahs (about 2.29 billion U.S. dollars) of investment as of July this year, Hartarto said, adding that the companies operating in the special economic zones have made exports valued at 3.66 trillion rupiahs (about 256.2 million U.S. dollars) worth of goods from January to July this year.

 

According to Secretary of the National Council for Special Economic Zones Enoh Suharto Pranoto, there are currently 19 KEKs in Indonesia, 12 of which are in operation while seven others are under construction. 

 

Source: Xinhua

Image source: Internet

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