he government has granted Bumi Serpong Damai (BSD), a property project under diversified conglomerate Sinar Mas Group, special economic zone (SEZ) status, which comes with incentive packages designed to lure foreign investors.
BSD made the bid through its subsidiary PT Surya Inter Wisesa (SIW), which controls 59.68 hectares out of over 2,100 ha in total currently developed by its parent company, according to a press statement released on Wednesday.
Announced by Coordinating Economic Minister Airlangga Hartarto who was acting in his capacity as the head of the SEZ National Council on Wednesday, the project has a target of attracting investment of Rp 18.8 trillion (US$1.1 billion) when fully operational and employing 13,446 workers.
Airlangga revealed that BSD’s ascent into SEZ status would be focused on “health, education [and] technology, not property”, according to Kompas.com.
SEZ status grants a variety of fiscal incentives, including years of corporate tax reduction and exemption from import taxes and duties. Moreover, it also promises greater ease of doing business in the shape of leeway for land permits, no export obligations and foreign property ownership, as well as other benefits.
“To ensure the sustainability and development of an SEZ, we stress the importance of SEZ monitoring to watch over the investment realization. Going forward, I instruct the government and regional government to monitor the investment realization,” Airlangga said in a statement.
Read also: Inclusion of BSD, PIK in national strategic projects draws suspicion
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