Indonesia has improved its rank in the 2010 Ease of Doing Business annual survey, moving up from 129 to 122, a report revealed Wednesday.
The survey was held by the International Finance Corporation (IFC) and the World Bank.
"Indonesia has implemented a significant number of reforms to improve the ease of doing business," IFC country manager for Indonesia, Adam Sack, said Wednesday.
However, he went on, Indonesia still needed to maintain a consistent pace of reform to improve the quality of business regulations.
"The improvement of regulations will improve the investment climate, sustain strong growth, create more jobs and alleviate poverty," Sack said.
The survey showed that between 2008 and 2009, Indonesia applied better regulations for more efficiency by cutting the time required to start a business to 16 days and also introducing time limits for land registers.
Singapore, New Zealand and Hong Kong ranked atop the survey.
The study is an annual joint publication of the World Bank and IFC, first launched in 2004. It provides a quantitative measure of regulation and red tape by focusing on 10 phases of topics relevant to the life cycle of local small medium enterprises.
The survey is held in 183 countries the world over. (naf)