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Business registrations in RI take too long: World Bank
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Strategic discussions: Indonesian Employers Association (Apindo) chairwoman Shinta Kamdani (left), director of the World Bank's Global Indicators Group Norman Loayza (center) and National Economic Council deputy chairwoman Mari Elka Pangestu get ready for a press conference in Jakarta, on Feb. 10, 2024. (JP/Deni Ghifari)
T
he World Bank says setting up a business in Indonesia takes too long when compared to other countries, and the government has vowed to fix that.
Speaking at an event to promote the World Bank’s Business Ready (B-READY) 2024 report on Monday, the World Bank’s director of the Global Indicators Group, Norman Loayza, revealed that it took foreign companies more than two months just to register their entities onshore.
“In […] Indonesia, it takes 65 days to register a new foreign company. In the most efficient economies, it takes three days,” said Loayza.
Responding to that World Bank finding, Investment and Downstream Minister Rosan Roeslani said the government would assess the situation to improve its performance.
“This will be an evaluation for all of us, and I will talk with other ministries that are closely connected to improving the investment climate and increasing the competitiveness [of businesses] in Indonesia,” Rosan told reporters on the sidelines of the same event.
The World Bank’s report was published last October.
The deputy head of the presidential advisory body the National Economic Council, Mari Elka Pangestu, who sat on the panel of Monday’s event, said the government was “designing an action plan to respond to the findings of the B-READY report”.
