Tuesday, May 7, 2013

Govt opens chance for foreign investment in tourism sector

The Indonesian government is opening a chance for foreign investors to invest in the country`s tourism sector, Tourism and Creative Economy Minister Mari Elka Pangestu said.

"We are very open to foreign nationals to invest in the tourism sector," she said at a press conference here on Tuesday.

She said foreign investors are allowed to hold a 100 percent stake in three-star hotels and above, tourist resort, golf court, convention hall, and world-class hotel, among others.

Meanwhile, foreign ownership of other business must not exceed 50 percent, she said.

No investment in gambling den and casino is allowed in the country, she said.

Data released by the ministry`s economic impact team show the tourism sector employed 9.28 million people in the country last year and contributed Rp104.5 trillion to the state income.

The tourism sector contributed 3.9 percent or Rp321.57 trillion to the gross domestic product and Rp11.57 trillion to tax receipts.

According to the Investment Coordinating Board (BKPM), investment in the tourism sector jumped 210.86 percent to US$869.8 billion in 2012 from a year earlier, consisting of domestic investment worth US$101.5 billion and foreign investment worth US$786.3 billion. (Antara)

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