The country expects to reach 60^th place at the lowest this year and achieve 40^th place within the next three to four years, Investment Coordinating Board (BKPM) head Bahlil Lahadalia said on Monday.

“Investors and businesspeople need only certainty, efficiency and an easier licensing process. The rest is bonus, and we are ready to provide them,” Bahlil told European business leaders during a discussion in Jakarta.

Indonesia ranked 73^rd on the World Bank’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 neighbors Malaysia and Thailand have fared better, at 12^th and 21^st place respectively last year.

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The government is hoping to attract more investment into the country to give a jolt to 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. Licensing authority is currently scattered among many government institutions and regional administrations, Bahlil said on Monday.

The former Indonesian Young Entrepreneurs Association (Hipmi) chairman had pledged in late January to step down from his position as the investment board’s chief if he failed to raise Indonesia’s doing business ranking to the top 50 in the next four years.

“If I can’t meet that target, I’m ready to step down. That is my moral commitment,” Bahlil said during a press conference on Jan. 29.