Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia has promised to step down if Indonesia does not reach the top 50 in the World Bank’s Doing Business report in the next four years. (Photo: thejakartapost.com)
Jakarta (VNA) - The Government of Indonesia expects toboost the country’s “doing business” ranking to the 53rd place on the WorldBank (WB)’s list this year in a bid to attract more investment.
Indonesiahopes to reach 60th place at the lowest this year and achieve 40th placewithin the next three to four years, head of the Investment Coordinating Board(BKPM) Bahlil Lahadalia said on February 17.
Indonesiaranked 73rd on the WB’s Doing Business index released in October of lastyear. Businesspeople and investors have complained about the country’sbureaucratic red tape and rigid labor regulations.
The country’s rank has stagnated since 2018, while neighboursMalaysia and Thailand have fared better, at the 12th and 21st placesrespectively last year.
The Indonesian Government ishoping to attract more investment to give a boost to the country’s sluggisheconomic growth. It submitted a sweeping omnibus bill on job creation to theHouse of Representatives last week and expects the bill to overhaul thecountry’s laws and cut red tape.
Thegovernment also plans to streamline the issuance of all business licenses,channeling them through the BKPM alone./.
