16:18 | 01/04/2016 Global Economy
Indonesian Coordinating Minister for Economic Affiars Darmin Nasution has announced the eleventh economic policy package, facilitating the country’s import and export activities.
Indonesian Coordinating Minister for Economic Affiars Darmin Nasution (Source: straitstimes.com)
Accordingly, a Single Risk Management (SRM) will be formed to ensure a stable and effective business environment and reduce logistic costs related to import- export activities. The agency is responsible for granting import and export licenses.
Presently, goods assessment standard involves 18 ministries and government institutions and the new SRM is expected to reduce dwelling time from 4.7 days to 3.5 days in this year and 3 days in 2017.
Initially, the SRM model will be applied to imported pharmaceutical materials in an attempt to boost the domestic pharmaceutical manufacturing sector. The government will allow foreign firms to hold full ownership.
Indonesia has about 200 companies, monitoring 76 percent of the pharmaceutical sector, but the country still has to import 90 percent of pharmaceutical materials.
Besides, the government will establish a real estate fund to increase effectiveness in long term investment supply, meeting the national target for 2015-2018./.