Countries where kidnapping was common, are also usually countries with weak government and very ineffective policing, so it's not that simple. Laws like that are in the end pushing responsibilities of law enforcement on the companies and citizens.

I'm against ransoms, but if I was CEO of company that's about to release COVID19 vaccine, or provides jobs to 100k of people, you bet I'd pay that ransom.

But even if that would happen, it's naive to think that corporations wouldn't work around it. They already do, by outsourcing payments to 3rd party companies - they can proxy it via other countries, fake identities, etc, etc.