Business tycoon Sandiaga Uno says Omnibus Law not a priority for investors

Kata Kini – April 22, 2020
Sandiaga Uno speaking to reporters – Undated (CNN)

Rizki Ramadhani – National businessperson Sandiaga Uno says that the Draft Omnibus Law on Job Creation is not a priority for investors at the moment. In the midst of the corona virus pandemic, they are instead pinning their hopes on policies which can cope with the Covid-19 virus.

“Yesterday I had a conference call with 120 global investors who have already invested capital in Indonesia or are in the process of investing capital in Indonesia. There was not one who stated that they hope the Omnibus Law will be a priority at the moment”, said Uno in a posting on his Instagram account @sandiuno on Tuesday April 21.

The former Jakarta deputy governor and Greater Indonesia Movement Party (Gerindra) politician, who ran as Prabowo Subianto’s vice presidential running mate in the 2019 presidential election, said that at the moment investors are focusing on several government regulations in lieu of law (Perppu). One of these is the Perppu which allows for a state budget deficit above 3 percent of the Gross Domestic Product until 2023.

Uno explained that investors want to see how effective the fiscal policies being applied by the government are during this crisis. “Because this is the first time in our history that we have faced a crisis as deep and difficult as this”, he said.

The House of Representatives (DPR) is currently deliberating the Omnibus Law on Job Creation as Indonesia confronts a crisis as a result of the corona virus.

[Translated by James Balowski. The original title of the article was “Kata Sandiaga Uno, Omnibus Law Bukan Prioritas Investor”.]