An unnamed investor from Australia is planning to invest Rp 10 billion ($763,000) to open a restaurant in Bali following a foreigner-friendly revision of Indonesia's negative investment list, according to the Investment Coordinating Board, or BKPM.
The list — which is known by its Indonesian acronym DNI — now allows food and beverage-related businesses to be fully owned by foreigners.
Previously, foreigners were only allowed to own stakes of between 33 percent and 67 percent in such businesses, depending on their location.
"The new negative investment list is a good news for investors, hopefully, it will boost foreign direct investment from Australia," said Sri Moertiningroem, the head of BKPM's Sydney representative office.
The unnamed investor will join tens — if not hundreds — of the existing Australian restaurateurs and hoteliers who have set Bali's hospitality industry in motion by opening bars, cafes, restaurants and hotels on the island with local business partners.
According to Sri, the Australian entrepreneur has had the plan since 2014 but chose to postpone it due to the requirement to have a local partner.
"Bali is one of the best tourism spots in the world," BKPM chairman Franky Sibarani said in a statement.
Australia is among 10 investment origin priority countries or regions alongside the United States, Singapore, Japan, South Korea, Taiwan, China, the Middle East, Malaysia and the United Kingdom.
According to BKPM data, foreign direct investment from Australia reached $59.98 million in the first quarter this year, up 41 percent from the same period a year earlier.