Indonesia to ensure legal certainty after ruling on investment law
published : 29 Nov 2021 at 15:55
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.