Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan says the government has decided to designate the Batang Integrated Industrial Zone (KITB) as a special economic zone (SEZ).
The KITB is set to benefit from certain incentives reserved for SEZs.
“We will provide the same incentives, tax holidays and various other benefits as those given to other SEZs,” Pandjaitan adds.
The industrial zone in Central Java is expected to create at least 250,000 jobs in the area and attract trillions of rupiah in investment.
President Joko “Jokowi” Widodo praises the KITB as an opportunity to attract overseas investors to build factories in Indonesia, noting that the country’s rank in a global competitiveness index had improved.
The Institute for Management Development’s (IMD) World Competitiveness Ranking (WCR) 2024 ranks Indonesia 27th out of 67 countries, an improvement from the 34th place the in 2023. In Southeast Asia, only Singapore and Thailand rank higher than Indonesia.
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