Asia Pacific
Indonesia backs off some relaxation on foreign ownership on business
Last Updated: 2018-11-30 09:25 | Xinhua
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Indonesia cut out some business sectors from its plan to relax restriction on foreign ownership of industries, a move aimed at protecting domestic small and medium businesses, a senior official said Thursday.

Five sectors, including fabric printing, weaving, cleaning of tubers, internet-based retail trade and internet cafes, have been excluded from the list of sectors where foreigners are allowed to invest, secretary for the chief economic ministry Susiwijono Moegiarso said.

"Based on the guidance (from president) we include again the five sectors into the list of negative investment. The goal is to protect the businesses of the small and medium enterprises," he said.

With the exclusion, the total business sectors which will have the relaxation came lower to 49, the official said.

Susiwijono said geothermal and telecommunication network sectors will still be available for full foreign investment.

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