In a meeting held on March 11, 2004, in Kuta, a Deputy from the Indonesian Investment Coordinating Board (BKPM), Drs. Netap Perangin-angin said, "Denpasar and Badung are now closed for general investment, including investment in new travel agencies." Badung is the regency occupying most of the southern part of Bali and the location of the majority of Bali's hotel and tourism investments.
Stating that these areas were already saturated with investments, the BKPM official defended the decision to stop new investment saying this was the wish of the provincial government.
Growing New Investment
Despite the negative effect of the Bali bombing in October 2002, over 100 new investment projects were approved in 2002 with a total value of Rp. 1,120 trillion (approximately US$131.7 million). In 2003 the number of new investment approvals grew to 106 with a stated value of Rp. 2,283 trillion (approximately US$268.6 million), an increase of 103% in one year.
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