Jakarta (VNA) – Indonesian Investment Minister Bahlil Lahadalia has announced a strategy to increase the investment target up to 900 trillion IDR (63.4 billion USD) for 2021 and 5,000 trillion IDR in 2024.

"The first one is the investment of around 708 trillion IDR that we had earlier allocated into the stalled investment," stated the minister, who is also Indonesian Investment Coordinating Board (BKPM) Chairman, at the recent Central Development Coordination Meeting.

The investment value of 517 trillion IDR to be realised soon, comprises some already in the construction process and some in the preparation process.

Shedding lights on efforts to conduct economic transformation, the ministry will channel efforts to increase added value with downstream orientation by formulating five points.

The first one is investment in the health sector, since almost all of Indonesia’s medical devices and medicinal raw materials are imported, he affirmed.

The other sectors to become investment priorities are the automotive sector, followed by the mining, infrastructure, and new and renewable energy sectors.

The minister ensured the government’s continued efforts to expedite licencing to offer better services to domestic and foreign investors.

BKPM's commitment is to not slowing down licencing since it is akin to holding back jobs and potential state revenue, as 76 percent of the country's revenue comes from taxes, he pointed out.

Furthermore, slowing down business licencing is also the same as holding back the rate of national economic growth and holding back the growth of Ease of Doing Business Index (EDBI).

President Jokowi targets Indonesia’s EBDI ranking to reach 40th in 2024 as compared to 73rd currently./.