Indonesia to ensure legal certainty after ruling on investment law

Indonesia to ensure legal certainty after ruling on investment law

Indonesian President Joko Widodo (Reuters photo)
Indonesian President Joko Widodo (Reuters photo)

JAKARTA: Indonesian President Joko Widodo on Monday said his government would ensure legal certainty for investment, after a court last week ruled a controversial job creation law was unconstitutional.

The court said there were procedural flaws in formation of the legislation passed last year, which saw the revision of more than 70 existing laws, and told the government to amend it within two years.

Jokowi, as the president is known, noted that the court ruled that the law should remain in effect while the government makes amendments, and said cabinet ministers had been asked to respond as quickly as possible.

"I assure businesses and investors, both domestic and international, that the investments that have been made and investments that are being and will be processed, will remain safe and secure," he said in a video statement release by the presidential palace.

"I will make sure that the government guarantees the security and certainty of investment in Indonesia," he said.

The law, also known as omnibus law, aimed to remove red tape and speed up investment as Jokowi seek to boost economic growth.

Economists, however, said the ruling could dim the Southeast Asia's biggest economy's investment outlook and business groups said they sought certainties in doing business.

Do you like the content of this article?
COMMENT

Gunman robs gold shop in Phetchabun

PHETCHABUN: A robber made off with 23 baht weight of gold ornaments worth about 670,000 baht on Monday.

24 Jan 2022

Legalisation of household cannabis, limited recreational use

The Food and Drug Administration (FDA) drafted a bill to legalise the household cultivation and consumption of cannabis and its recreational use in some locations.

24 Jan 2022

Policeman who killed doctor enters monkhood

A crowd control policeman who hit and killed a woman doctor with his Ducati Monster motorcycle last Friday has entered the monkhood to make merit for his victim.

24 Jan 2022