May 24, 2016 / 5:00 AM / 4 years ago

Indonesia eases foreign ownership rules for retail, port sectors

JAKARTA, May 24 (Reuters) - Indonesia has eased foreign ownership rules in the retail sector and port services as part of efforts to liberalise its economy, Southeast Asia’s largest.

President Joko Widodo signed revised investment regulations, which spell out which sectors are partially closed or entirely closed to foreign investors, last week and it took effect immediately, according to a copy uploaded to a government website on Tuesday.

The government announced the revision to rules on foreign ownership — its so-called negative investment list — in February, saying it has decided to loosen restrictions on everything from restaurant to agriculture, transportation and movie theatres.

However, the new regulation set a 49 percent foreign ownership cap on small e-commerce businesses, contradicting the government’s earlier statement that it will open the sector 100 percent to foreign money. (Reporting by Gayatri Suroyo and Fransiska Nangoy; Editing by Kim Coghill)

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