Foreign Investment Restriction Policy in Indonesia’s Investment Priority List: A Legal Perspective
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Foreign direct investment (FDI) contributes to economic development; however, investment liberalization raises concerns regarding national sovereignty, the protection of domestic enterprises, and distributive justice. Indonesia's Positive Investment List (Daftar Positif Investasi, DPI) reflects this tension by promoting investment openness while maintaining selective restrictions on foreign participation. This study examined the legal relationship between foreign investment restrictions and investment liberalization and explored how national economic interests could be balanced with foreign capital participation. A descriptive-analytical normative juridical research method was employed, incorporating statutory and conceptual approaches. The legal materials examined included the 1945 Constitution of the Republic of Indonesia, Law No. 25 of 2007 concerning Investment, Law No. 6 of 2023, and Presidential Regulation No. 10 of 2021 concerning Investment Business Fields, as amended by Presidential Regulation No. 49 of 2021. The findings indicated that investment openness and foreign investment restrictions could coexist within a regulatory framework based on general openness and legally established exceptions, while transparency in investment-related information remained a distinct statutory obligation. Foreign ownership limitations and measures protecting domestic enterprises served as regulatory instruments for pursuing national economic objectives. The analysis further examined foreign equity ownership limits, investment-related performance requirements, and downstream industrial development through the concept of managed investment openness, emphasizing legal certainty, regulatory authority, and substantive justice. The study concluded that selective foreign investment restrictions could complement investment liberalization when supported by valid statutory authority and aligned with constitutional objectives concerning public welfare and national economic development. However, their legal justification required coherent statutory interpretation, regulatory consistency, and consideration of Indonesia's applicable international investment and trade obligations.
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