Major parties promised to treat foreign investors equally, although their representatives did not elaborate on whether they would maintain or revise business regulations.
These include the list of sectors open to foreign investment and the limit of capital ownership, which is still being revised.
With varying emphases, the Golkar Party, the Indonesian Democratic Party of Struggle (PDI-P) and the Democratic Party said they welcomed foreign investment in Indonesia.
“We do not distinguish between local and foreign investors. All are treated equally. Especially in the current economic situation, we need investment both from local and foreign investors as stimulus,” Golkar legislator Airlangga Hartarto, who is also a member of the party’s economic team, told The Jakarta Post on Tuesday.
But he said the party would prioritize state-owned companies and domestic private firms in investing in the coal and mining sectors.
“Golkar is a promoter of the recently passed mining law, and the law gives first priority to state-owned companies and local private actors to develop reserves in state concessions,” he said.
PDI-P economics advisor Iman Sugema said his party also welcomes overseas investors “as long as they are 'clean' and willing to transfer their technology”.
By "clean", he said the PDI-P would seek "to avoid foreign investors winning contracts just because of pressure" from their governments.
Darwin Zahedy Saleh, an economic team member of President Susilo Bambang Yudhoyono’s Democratic Party, also pledged equal treatment for investors "as long as they support our national economic interests".
He added that investors, local and foreign, would be required to involve and empower small and micro business.
Indonesia’s investment regulations provide foreign investors with a wide range of businesses to invest in, with limited capital ownership.
The open list includes banking, oil and gas drilling services, and insurance.
The maximum foreign capital ownership in the open list varies by sector, while defense is still closed to foreign investment.
Asked whether Golkar would revise the negative invesment list if the party won the elections, Airlangga said it would "depend on our macroeconomic situation".
The PDI-P's Iman took a similar stance, while Darwin said the decision to revise the list or change the maximum foreign capital ownership would have to involve other political parties.
“We realize we're in a multiparty legislature, and no single party dominates,” he said.
On Tuesday the President met with 30 foreign investors and local businessmen to assure them of the government's commitment to address the impact of the global financial crisis.
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