Indonesia allows greater foreign stakes from roads to cinemas

Jakarta

INDONESIAN President Joko Widodo will allow full foreign ownership in businesses from toll roads to cinemas, as he seeks to attract investment and create jobs after cutbacks by Ford Motor Co and Toshiba Corp.

The government will also let non-Indonesians hold 100 per cent stakes in industries including cold storage, pharmaceutical raw material manufacturing, and restaurants, Coordinating Minister for Economic Affairs Darmin Nasution said in Jakarta on Thursday. The maximum foreign-investment limit in golf courses, health support services and airport support will be raised to 67 per cent, he added.