The comprehensive law which seeks to make it easier for foreign investors to invest in Indonesia has detractors; it remains to be seen to what extent the entire set of laws will be implemented.
The Omnibus law was to make Indonesia more competitive a nd crea te jobs a mid rising competition globally. It was supposed to improve business a nd investment environment a nd make it easy for foreigners to invest and do business in Indonesia.
It is one of President Widodo’s visions for reforming Indonesia ; a mongst others were reforming the burea ucracy, development of huma n capital, infrastructure development, and the efficient use of the state budget.
“Our drea m is tha t by 2045, Indonesia’s gross domestic product would have reached US$7 trillion. Indonesia will have become one of the top five world economies with a poverty rate nearing zero percent,” said Jokowi in one of his speeches.
To realise this vision, Indonesia must get rid of over- regula tion a nd burea ucra tic red tape, which has long plagued the country and deterred foreign investment. The World Bank’s Ease of Doing Business index 2021 ranked Indonesia 70 out of 190 countries.
