Batam in Riau Islands is set to implement a new online single submission (OSS) platform, namely the Indonesia-Batam OSS System (IBOSS), in an effort to digitize the issuance of business licenses in the region.
The Batam Indonesia Free Trade Zone Authority (BP Batam) and the Investment Coordinating Board (BKPM) signed a memorandum of understanding (MOU) on Monday to launch the system.
“We’ll focus on accelerating the realization of investments and easing the process of registering business permits with this system,” said BKPM head Bahlil Lahadalia, adding that Batam as a Free Trade and Port Zone Authority (KPBPB) is a center for imports and exports that requires its own OSS sub-system.
IBOSS is a subsystem of the existing national OSS and allows businesspeople to register all their business licenses online. The subsystem also records data on foreign direct investments (FDI), domestic investments (PMDN) and small and medium enterprises (SMEs) in the Batam area.
“If there are any complaints or land-use issues, for example, we can identify them quickly,” Bahlil said, adding that BP Batam should immediately revoke the land utilization permit of anyone, especially businesses, that had no development plans for the plot of land they owned.
Meanwhile, Batam Mayor and BP Batam head Muhammad Rudi conceded that land disputes had hampered investment, adding that the majority of land in Batam had been allocated to businesses even though they were left empty.
“Many investors have shown an interest in investing in Batam,” he said. “But many problematic regulations still hamper the process. We don’t feel like Batam is a real free-trade zone.”
Rudi added that the OSS subsystem would only be implemented in Batam but expressed his hope that a similar mechanism could be implemented in other parts of Riau Islands province.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
