Indonesia leader reassures firms after court rules against Omnibus

• Indonesia’s President Joko Widodo on 29 Nov 21 said his government would ensure legal certainty for investors, offering continuity guarantees amid jitters and confusion over last week’s court ruling against a controversial job creation law.
• The Constitutional Court said there were procedural flaws in the formation of the legislation passed 2020, which the government had touted as potential a game-changer in luring foreign investment to Southeast Asia’s biggest economy.
• The court told the government to make necessary amendments within two years.
• The president stressed that the court had ruled the law would remain in effect pending the changes, which his cabinet would address as quickly as possible.
• “I assure businesses and investors, both domestic and international, that the investments that have been made and investments that are being and will be processed, will remain safe and secure,” he said in a video statement.
• “I will make sure that the government guarantees the security and certainty of investment in Indonesia.”
• Chief economic minister Airlangga Hartarto on 29 Nov 21 said operations of the Indonesia Investment Authority (INA), its sovereign wealth fund, would remain unchanged, despite the ruling.

External Link : https://www.reuters.com/markets/asia/indonesia-ensure-legal-certainty-after-ruling-investment-law-president-says-2021-11-29/