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

  • Economy
  • Thursday, 29 Nov 2018

President Joko Widodo has made developing Indonesia's human capital one of his main priorities after winning a second term in office in April.

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. - Reuters
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