"We used to call it negative investment list, but we only completely restrict a small number of industrys in the list. Most industries are open to foreign investment,” Franky Sibarani, the BKPM chairman, said in Jakarta on Tuesday.
The BKPM has since October been taking suggestions from businesses and the public about possible revisions to the list, which was initially drawn up to protect local businesses considered critical or strategically important for the economy against foreign competition with much more capital.
The BKPM has already hinted at opening up several of those sectors to foreign investment and ownership, including traditional medicines and cinemas, while restricting others, such as home appliance manufacturing and acupuncture services.
“We’ll review [the existing restrictions] because there are many new services, like funeral services and elderly care,” Franky said.