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Indonesia's Widodo swings the ax on investment red tape

JAKARTA -- Indonesian President Joko Widodo is launching a bold new drive to strip away restrictions on foreign investment. Better late than never, prospective investors might say.

Emphasizing his business background, Widodo has sought to woo international investors since he took office in October 2014. But "Doing Business 2016," a World Bank report released late last year, ranked Indonesia 109th in terms of business friendliness -- far behind fellow Southeast Asian economies Singapore, Malaysia, Thailand and the Philippines. 

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