Advancing Investment Through Omnibus Law

The Work Copyright Bill which is a product of the Omnibus Law has triggered a wave of demonstrations and rejections in several places. They assessed that the government had submitted a draft of the Employment Copyright Bill which has now been renamed as the 1028 work copy that discusses various things, from improving the investment ecosystem, to employment, to social security, which is very detrimental to workers. In fact, they consider that several articles in the draft omnibus law of this work have the potential to cause controversy.

The government formulated the Vision of Forward Indonesia in 2045 as a strategic step to make Indonesia as the 5 (five) major powers of the world economy in 2045. To realize this, the government expects a “wave of investment” to accelerate the development process. The realities of overlap occur and the disharmony of sectoral laws is a major obstacle to creating a friendly investment climate for investors. On that basis, deregulation and debureaucracy need to be carried out. Many laws and regulations are going to be cut down, amended, even if necessary to create new norms that have not been previously existed through a single law that was popularized by the name Omnibus Law.

The Omnibus Law is considered to create a friendly investment climate through simplification of licensing steps, ease of requirements, and accelerated processes for business people, both domestic and foreign, in Indonesia. When Joko Widodo was installed as president for the second period 2019 – 2024, in his official speech the elected president reaffirmed the government’s plans and needs to make the Omnibus Law, as well as asking for political support from the Indonesian Parliament. Excerpts of his speech as follows: “All forms of regulatory constraints we must simplify, we must cut, we must cut. The government will invite the House of Representatives to issue two major laws. The first is the Employment Copyright Law. Therefore, as a good Indonesian society, let’s help the government in advancing the economy through the application of the Omnibus Law. Indonesia needs new breakthroughs to spur the pace of its economy, one of which is with this omnibus law. If all nations are united in their application, it is believed that Indonesia can also be faster free from economic weakness caused by the corona virus outbreak.

Comments (0)
Add Comment