JAKARTA (Reuters) - Indonesia's president promised quick "massive deregulation" on Wednesday (Sept 2) to improve investor sentiment in Southeast Asia's largest economy.

"We need to carry out massive deregulation and introduce new regulations that will really create a good climate for the economy as soon as possible. We are racing against time," President Joko Widodo said in a cabinet meeting.

Mr Widodo said there were 110 regulations already identified as being negative for investors.

"I hope this week...we can completely review these, which ones we can cut, which ones need to be processed and which ones need further study."