WORLD BANK, Washington, D.C., October 29, 2013—A new World Bank Group report finds that Indonesia continued to improve its business regulatory environment for local entrepreneurs in the year from June 2012 to June 2013 by implementing its 10th regulatory reform since 2009.
Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprisesfinds that Indonesia improved its credit information system through a new regulation that provides a legal framework for establishing credit bureaus, which will make is easier for Indonesian companies to obtain credit from formal lending institutions.
“Indonesia’s continued commitment to make it easier for entrepreneurs to thrive is reassuring. Every step taken by government agencies to streamline regulations is also a step taken towards realizing Indonesia’s promise as a regional and global economic force, and hence towards improving shared prosperity for all Indonesians,” says World Bank Country Director for Indonesia, Rodrigo Chaves.
Indonesia was one of 15 economies (among 25) in East Asia and the Pacific that implemented regulatory reforms in the past year making it easier for local entrepreneurs to do business.
The government’s pledge towards reform is reflected by a policy package announced by Vice President Boediono on October 25, consisting of 17 initiatives aimed at improving the investment climate.
“The government will do its utmost to sustain the record-high investment taking place in the last two quarters,” says Mahendra Siregar, head of the Indonesia Investment Coordination Board.
In Indonesia, electricity connection costs have been reduced by 60 percent, costs for a company registration certificate – required for businesses – have been eliminated, and resolution of bankruptcies takes less time. Indonesia’s ranking this year is at 120.
“Successful improvement in the business regulatory environment requires strong and sustained actions,” said Rita Ramalho, Lead Author, Doing Business, World Bank Group. “It is encouraging to see Indonesia taking important steps in that direction.”
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