Indonesia announces new stimulus measures to boost economy
The government issued its third and fourth stimulus packages on October 7 and October 12, respectively. The third stimulus package is calling for a decrease in energy prices, including diesel, jet fuel, and liquefied petroleum gas while the fourth package focuses on boosting labor and employment in the country. According to the latest package, the government will render an increase in wages every year depending on the inflation rate and the pace of economic growth.
Earlier packages announced in September were aimed at accelerating and simplifying business licensing procedures in an industrial economic zone as part of the government’s efforts to charm investors.
Meanwhile, Indonesia’s Trade Ministry has also announced new regulations to support new stimulus plans with four new ministerial decrees and revision on five regulations. The new regulations include easing of import requirements in relation to importers’ identification numbers which is slated to be effective as of the beginning of January. Meanwhile, the companies will have more time to attach Indonesian-language labels to imported products following the arrival of the products in the country, effective as of October 15. Previously, the companies had to label the imported goods as soon as they arrived in the country.
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