The 15th German Chamber of Industry and Commerce (EKONID) Online Legal Roundtable tackled the topic of the new investment regulation as the new implementing regulation to the Indonesia Positive Investment list.
On March 4, 2020, EKONID held its 15th Online Legal Roundtable. With nearly 50 participants comprising of business executives, CEOs and legal experts from various sectors within the German-Indonesian business community, this members-only legal roundtable aimed to shed light on some of the questions pertaining to the new investment regulation that was issued late in February 2021.
Presidential Regulation No. 10/2021 on Business Investments, which was signed on February 2, 2021, and became effective in March 4, 2021, outlines that all business activities are now open for foreign investment, unless regulated otherwise or are activities that can only be implemented by the central government.
The issuance of the regulation marks a significant shift in Indonesia鈥檚 somewhat protectionist stance towards foreign investment when compared to the previous Presidential Regulation No. 44/2016, which lists 515 business sectors as closed to foreign investment. Presidential Regulation No. 10/2021 is a derivative of the Omnibus Law on Job Creation proposed by the Joko Widodo administration that passed through the Indonesian parliament on December October 5, 2020.
To assist its members in understanding the new regulation, EKONID invited legal expert Phillip Kersting, Partner at German-based law firm Luther LLP in collaboration with Indonesian-based law firm Maqdir Ismail & Partners, as its guest speaker.
The event saw significant interest as evidenced by the enthusiastic participation of its attendants, to be counted among whom were President Director of PT Mercedes-Benz Distribution Indonesia Choi Duk Jun, President Commissioner of PT Astra International Prijono Sugiarto, and President Director of PT Menarini Indria Indonesia Reinhard Ehrenberger.
EKONID would like to thank Luther LLP for their wonderful collaboration, all the guests and participants who have taken the time to attend, as well as all EKONID staff who have helped made this event possible.