Indonesia unveils "big bang" foreign investment package

Indonesia unveils "big bang" foreign investment package

JAKARTA - Indonesia on Thursday announced its boldest measures to attract foreign investment in a decade, loosening restrictions on dozens of sectors including agriculture and the movie industry.

The far-reaching move comes a day after President Joko Widodo told Reuters in an interview he planned a "big bang" liberalisation of Southeast Asia's largest economy to encourage competition.

"Today's revisions represent our largest opening to international investment in 10 years," Trade Minister Tom Lembong told Reuters.

"More international investment will bring more capital, more world-class expertise, more technologies to Indonesia. Domestic players must seize those opportunities."

The last revision to the so-called Negative Investment List - which spells out the sectors to which foreign investment restrictions apply - was done in 2014 and was seen by many as less investor-friendly.

Widodo's administration has rolled out several economic stimulus packages in recent months aimed at cutting red tape, boosting spending and improving investor sentiment.

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