Indonesia Eases Processes for Business

Jakarta, 21 Rajab 1437/29 April 2016 (MINA) – Indonesia on Thursday unveiled a raft of measures to make it easier to do business in the country in its latest move to attract investment.

President Joko Widodo announced the reductions in the number of permits and procedures that companies must perform in dealing with construction permit, getting electricity, bank loans, contract enforcement and other issues, wsj.com was quoted by Mi’raj Islamic News Agency (MINA) as reporting.

The country needs to tackle “things that seem trivial,” such as getting electricity Mr. Widodo said.

The president said that it would now take only 132 days to complete those procedures instead of a total 1,566 days previously.

The president expects that the new measures will push up the country’s rank for ease of doing business in the list of 189 economies annually surveyed by the World Bank to 40 from 109 currently.

Indonesia lags behind neighbors such as Singapore, ranked number one; Malaysia ,18; Thailand 49; Brunei, 84; and the Philippines, 103.

The government since October has been introducing various tax incentives and opening more business sectors to foreign investors as the country strives to reduce reliance on commodity exports amid slumping commodity prices around the globe.

The world’s largest exporter of thermal coal and crude palm oil saw its economic growth slow to its lowest level in six years last year. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)