The Omnibus Bill on Job Creation will cement and enhance the authority of the central government and the president.
The Investment Coordinating Board is getting more power. It is now allowed to grant tax holiday, the authority previously held by the Finance Ministry.
Jiwasraya's default over policies that fell due, followed by Asabri's investment failures, is snowballing as the House of Representatives starts voicing the dissolution of the Financial Services Authority.
The government plans to issue a presidential regulation that lists positive investments as a substitute for the Negative Investment List. Through this regulation, the number of business sectors for foreign investors will increase.
The government hopes that the Omnibus Law, a new law to amend several laws at one time, can increase the investments in Indonesia.
The government plans to revise at least 74 regulations to ease investment. All changes would be summarized in the Omnibus Law.