JAKARTA (Reuters) - 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.
(Reporting by Maikel Jefriando; Writing by Gayatri Suroyo)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app