The State News Agency Antara reports that the Indonesian Ministry of Tourism and the Creative Economy is authorizing 100% foreign ownership of businesses in the tourism sector providing these businesses are operated as cooperative ventures with a local partner.
Firmansyah Rahim, director general of Tourism Destination Development at the Ministry said: "The foreign investment in the tourism sector is allowed to reach 100 percent with a condition that it has a joint venture with the locals, since we want to share-knowledge and skills through that partnership."
The Ministry defended the liberalization of the investment process saying investors were needed to develop the Country’s potential for tourism.
In the eyes of the Government, the net result of more investment will be more jobs and improved standards of living for Indonesian nationals. As a bonus, the government sees an expanded tourism economy as stimulating travel and environmental consciousness among the general public.
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