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 to boost the country’s “doing business” ranking to the 53rd place on the World Bank (WB)’s list this year in a bid to attract more investment.
Indonesia hopes to reach 60th place at the lowest this year and achieve 40th place within the next three to four years, head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia said on February 17.
Indonesia ranked 73rd on the WB’s Doing Business index released in October of last year. Businesspeople and investors have complained about the country’s bureaucratic red tape and rigid labor regulations.
The country’s rank has stagnated since 2018, while neighbours Malaysia and Thailand have fared better, at the 12th and 21st places respectively last year.
The Indonesian Government is hoping to attract more investment to give a boost to the country’s sluggish economic growth. It submitted a sweeping omnibus bill on job creation to the House of Representatives last week and expects the bill to overhaul the country’s laws and cut red tape.
The government also plans to streamline the issuance of all business licenses, channeling them through the BKPM alone./.
