Indonesia cancels part of plan to relax rules on foreign business role

Indonesia cancels part of plan to relax rules on foreign business role

Employees walk on a crossing bridge in a business district in Jakarta on Nov 13, 2018. The Indonesian government plans to restrict foreign ownership of some industries to keep them for local investors. (Reuters photo)
Employees walk on a crossing bridge in a business district in Jakarta on Nov 13, 2018. The Indonesian government plans to restrict foreign ownership of some industries to keep them for local investors. (Reuters photo)

JAKARTA: Indonesia has cancelled part of its plan to relax restrictions on foreign ownership of industries in order to keep some sectors only for domestic small and medium-sized enterprises, a government official said on Thursday.

The plan to allow foreigners to invest in sectors such as cleaning of tubers, fabric printing, weaving, internet cafes and internet-based retail trade has been scrapped, Susiwijono, the secretary for the coordinating Ministry of Economic Affairs, told a news conference.

The government will still open up other sectors to full foreign ownership, Susiwijono said, including geothermal and telecommunication network sectors.

He said he hopes President Joko Widodo will sign off on the new rules soon.


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