Indonesia plans to open university sector to 100 percent foreign ownership

Indonesian President Joko Widodo delivers a speech at Foreign Ministry office in Jakarta, Indonesia, February 12, 2018. Antara Foto/Wahyu Putro/ via REUTERS

JAKARTA (Reuters) - Indonesia’s President Joko Widodo has instructed his cabinet to open up the university sector to 100 percent foreign investment, Thomas Lembong, the head of the country’s investment board, told an economic conference on Wednesday.

“We’re going to go from zero percent to 100 percent foreign ownership allowed overnight,” he said, adding that international vocational institutions would also be allowed to open campus in Southeast Asia’s largest economy.

He gave no timeframe for when the policy will take effect, however.

The government has previously said it will ease ownership rules in several sectors that are partly, or entirely, closed to foreigners, in a bid to attract investment.

Reporting by Tabita Diela; Writing by Gayatri Suroyo