New business areas open to foreign investment in tourism sector

21, Jan 2016 | Author: Embassy of Indonesia

Source  :  Antara News —

Jakarta (ANTARA News) – The Investment Coordinating Board (BKPM) plans to open new business areas in the tourism sector for foreign investment.

The plan is to allow foreign investors to wholly own shares in seven business areas in the tourism sector, BKPM Chief Franky Sibarani said here on Wednesday.

The seven business areas are restaurants, bars, cafes, swimming pool, football clubs, tennis courts and sport centers, Franky said.

He said it has also been decided that foreign investors are allowed to have up to 70 percent of the shares of companies in four other related business areas , and up to 67 percent in 14 other areas in the tourism sector.

He said the decision to allow foreign investors to wholly own shares in the seven business areas is part of the regulation relaxation scheme of the government.

The policy is expected to increase the inflow of foreign investment into the country, he said.

“This is quite positive in boosting investment in the tourisim sector which is a priority for BKPM,” he added.

The four business areas in which foreign investors are allowed to own up to 70 percent of the shares is offered to be in line with the ASEAN Framework Agreement on Services (AFAS).

The four business areas are catering, golf field, exhibition convention service and travel service (MICE) and spa.

Foreign investors in these business still need to have local partner to hold the remaining 30 percent of the shares.

The 14 business areas in which foreign investors are allowed to have only up to 67 percent of the shares include private museums, privately run business in historical remains, private travel agencies , and one-star, two star and non-star hotels , other accommodation facilities, etc.

“Under the present regulations those business areas are still closed to foreign investment,”Franky said.

There are still two business areas in the tourism sectors closed to foreign investment. They are business in travel agent and tourist guide.(*)

For the second time, the Embassy of the Republic of Indonesia in Dhaka will be organising the Indonesian trade, tourism, and investment expo INDONESIAFAIR 2019 in Bangladesh. The Fair will be held at Hall...
Dhaka, 25 Maret 2019: Sebanyak 5 pelaku industri pariwisata Indonesia turut serta pada Dhaka Travel Mart 2019, pameran wisata terbesar di Bangladesh. Kelima pelaku industri pariwisata Indonesia tersebut adalah Absolute Indonesia DMC, INDOtravelista Jelajah...
Dhaka, 26 February 2019: Indonesian Fashion designer Merdi Sihombing showcased his finest creations at Tresemme Bangladesh Fashion Week 2019. During the prestigious annual event held in Dhaka on 25 February 2019, he showcased his...
In order to explore opportunities for business and investment cooperation, the Indonesian Ambassador to Dhaka and the Economic Counselor held a meeting with the Chittagong Deputy Commissioner, Mr. Md. Elius Hossain in DC Chittagong...
The Indonesian embassy premises in Dhaka turned festive for a few hours on the occasion of the Independence Day of the country on Saturday. The presence of the members of the Indonesian community in...
Amid much festivity and fanfare, the ASEAN Day 2018 was celebrated in Dhaka on Wednesday. Marking the day in a befitting manner, the ASEAN Dhaka Committee (ADC) organised the ASEAN Flag Raising Ceremony at...